|SECURITIES AND EXCHANGE COMMISSION                                                                                                           
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|Washington, D.C. 20549                                                                                                                       
|FORM N-1A                                                                                                                                    
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|REGISTRATION STATEMENT (No. 002-90649)                                                                                                       
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|REGISTRATION STATEMENT (No. 811-04008)                                                                                                       
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|Fidelity Investment Trust                                                                                                                    
|(Exact Name of Registrant as Specified in Charter)                                                                                           
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|82 Devonshire St., Boston, Massachusetts 02109                                                                                               
|(Address Of Principal Executive Offices)      (Zip Code)                                                                                     
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|Registrant's Telephone Number:  617-563-7000                                                                                                 
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|Scott C. Goebel, Secretary                                                                                                                   
|82 Devonshire Street                                                                                                                         
|Boston, Massachusetts 02109                                                                                                                  
|(Name and Address of Agent for Service)                                                                                                      
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|It is proposed that this filing will become effective on October 25, 2009 pursuant to paragraph (a)(2) of Rule
485 at 5:30 p.m. Eastern Time.
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SUBJECT TO COMPLETION, PRELIMINARY PROSPECTUS DATED August 11, 2009. The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not solicitating an offer to buy these securities in any state where the offer or sale is not permitted.

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®Series
International Growth
Fund

(fund number __, trading symbol__)

Fidelity Series
International 
Value
Fund

(fund number __, trading symbol__)

Fidelity Series
International 
Small Cap
Fund

(fund number __, trading symbol__)

Shares of the funds are only available for purchase by mutual funds for which FMR or an affiliate serves as investment manager.

Prospectus

October __, 2009

(fidelity_logo_graphic)

82 Devonshire Street, Boston, MA 02109

# Contents

|Fund Summary            | <Click
Here> | Investment Summary                      
|----------------------- | ------------ | ----------------------------------------
|                        | <Click
Here> | Performance                             
|                        | <Click
Here> | Fee Table                               
|Fund Basics             | <Click
Here> | Investment Details                      
|                        | <Click
Here> | Valuing Shares                          
|Shareholder Information | <Click
Here> | Buying and Selling Shares               
|                        | <Click
Here> | Account Policies                        
|                        | <Click
Here> | Dividends and Capital Gain Distributions
|                        | <Click
Here> | Tax Consequences                        
|Fund Services           | <Click
Here> | Fund Management                         
|                        | <Click
Here> | Fund Distribution                       

Prospectus

# Fund Summary

Each of Series International Growth Fund, Series International Value Fund, and Series International Small Cap Fund is composed of multiple classes of shares. All classes of a multiple class fund have a common investment objective and investment portfolio. Only one class of
shares of each fund is offered through this prospectus. In this prospectus, the term "shares" (as it relates to the funds) means the one class
of shares of the funds offered through this prospectus.

### Investment Summary

Investment Objective

Series International Growth seeks capital appreciation.

Principal Investment Strategies

- Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets.
- Normally investing primarily in common stocks.
- Normally investing in companies Fidelity Management & Research Company (FMR) believes have above-average growth potential
(stocks of these companies are often called "growth" stocks).
- Allocating investments across countries and regions.
- Using fundamental analysis to select investments.

Principal Investment Risks

- 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.
- 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.
- Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform
differently from, the market as a whole.
- "Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more
volatile than other types of stocks.

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 they may be worth more or less than what you paid for them, which means that you could lose money.

Investment Objective

Series International Valueseeks capital appreciation.

Prospectus

Fund Summary - continued

Principal Investment Strategies

- Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets.
- Normally investing primarily in common stocks.
- Investing in securities of companies that FMR believes are undervalued in the marketplace in relation to factors such as assets, sales,
earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are
often called "value" stocks).
- Allocating investments across different countries and regions.
- Using fundamental analysis to select investments.

Principal Investment Risks

- 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.
- 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.
- Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform
differently from, the market as a whole.
- "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 they may be worth more or less than what you paid for them, which means that you could lose money.

Investment Objective

Series International Small Cap seeks capital appreciation.

Principal Investment Strategies

- Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets.
- Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes of this fund,
are those companies with market capitalizations of $5 billion or less).
- Normally investing primarily in common stocks.
- Allocating investments across different countries and regions.

Prospectus

- Using fundamental analysis to select investments.

Principal Investment Risks

- 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.
- 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.
- Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform
differently from, the market as a whole.
- Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole
and other types of stocks and can be more volatile than that of larger issuers.

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 they may be worth more or less than what you paid for them, which means that you could lose money.

### Performance

Performance history will be available for each fund after each fund has been in operation for one calendar year.

### Fee Table

The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of a fund.

### Shareholder fees (paid by the investor directly)

|Sales charge (load) on purchases and reinvested distributions | None
|------------------------------------------------------------- | ----
|Deferred sales charge (load) on redemptions                   | None

### Annual operating expenses (paid from class assets)

|Series International Growth    | Management feeA                          | 0.71%
|------------------------------ | ---------------------------------------- | -----
|                               | Distribution and/or Service (12b-1) fees | None 
|                               | Other expensesB                          | 0.57%
|                               | Total annual class operating expensesC   | 1.28%
|Series International Value     | Management feeA                          | 0.71%
|                               | Distribution and/or Service (12b-1) fees | None 
|                               | Other expensesB                          | 0.57%
|                               | Total annual class operating expensesC   | 1.28%
|Series International Small Cap | Management feeA                          | 0.86%
|                               | Distribution and/or Service (12b-1) fees | None 
|                               | Other expensesB                          | 0.58%
|                               | Total annual class operating expensesC   | 1.44%

AA portion of the fund's management fee is based on performance relative to a securities index. As a result, beginning November 1, 2010, the current management fee rate and total expense ratio may be
higher or lower than the rate disclosed above. See the Fund Management section for additional details.

BBased on estimated amounts for the current fiscal year.

CFMR has voluntarily agreed to reimburse Series International Growth, Series International Value, and Series International Small Cap to the extent that total operating expenses (excluding interest, taxes,
certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed the following rates:

|                               | Effective
Date
|------------------------------ | --------------
|Series International Growth    | 1.25%         
|Series International Value     | 1.25%         
|Series International Small Cap | 1.40%         

These arrangements may be discontinued by FMR at any time.

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 the annual return for shares of each fund is 5% and that your shareholder fees and the annual operating expenses for shares of each fund 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 sell all of your shares at the end of each time period indicated:

|Series International GrowthA    | 1 year | $	130
|------------------------------- | ------ | -----
|3 years                         | $	406 
|Series International ValueA     | 1 year | $	130
|3 years                         | $	406 
|Series International Small CapA | 1 year | $	147
|3 years                         | $	456 

AThe expenses shown above are for a class of shares of the fund.

Prospectus

# Fund Basics

### Investment Details

Investment Objective

Series International Growth seeks capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in non-U.S. securities, including securities of issuers located in emerging markets. FMR
normally invests the fund's assets primarily in common stocks. FMR invests the fund's assets in companies it believes have above-average
growth potential. Growth may be measured by factors such as earnings or revenue.

Companies with high growth potential tend to be companies with higher than average price/earnings (P/E) or price/book (P/B) ratios.
Companies with strong growth potential often have new products, technologies, distribution channels, or other opportunities, or have a
strong industry or market position. The stocks of these companies are often called "growth" stocks.

FMR normally allocates the fund's investments across different countries and regions.

In buying and selling securities for the fund, FMR relies on fundamental analysis, which involves a bottom-up assessment of a company's
potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and
economic and market conditions.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may also use various techniques, such as buying and selling futures contracts and exchange traded funds, 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

Series International Value seeks capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in non-U.S. securities, including securities of issuers located in emerging markets. FMR
normally invests the fund's assets primarily in common stocks.

FMR invests in securities of companies that it believes are undervalued in the marketplace in relation to factors such as the company's assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry. FMR considers
traditional and other measures of value such as P/B ratio, price/sales (P/S) ratio, P/E ratio, earnings relative to enterprise value (the total
value of a company's outstanding equity and debt), and the discounted value of a company's projected future free cash flows. The types of
companies in which the fund may invest include companies experiencing positive fundamental change, such as a new management team or
product launch, a significant cost-cutting initiative, a merger or acquisition, or a reduction in industry capacity that should lead to improved pricing; companies whose earnings potential has increased or is expected to increase more than generally perceived; and companies
that have enjoyed recent market popularity but which appear to have temporarily fallen out of favor for reasons that are considered non-recurring or short-term.

Prospectus

Fund Basics - continued

FMR normally allocates the fund's investments across different countries and regions.

In buying and selling securities for the fund, FMR relies on fundamental analysis, which involves a bottom-up assessment of a company's
potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and
economic and market conditions.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may also use various techniques, such as buying and selling futures contracts and exchange traded funds, 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

Series International Small Cap seeks capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in non-U.S. securities, including securities of issuers located in emerging markets.

FMR normally invests at least 80% of the fund's assets in securities of companies with small market capitalizations. Although a universal
definition of small market capitalization companies does not exist, for purposes of this fund, FMR generally defines small market capitalization
companies as those with market capitalizations of $5 billion or less. A company's market capitalization is based on its current market capitalization or its market capitalization at the time of the fund's investment. FMR normally invests the fund's assets primarily in common stocks.

FMR normally allocates the fund's investments across different countries and regions.

In buying and selling securities for the fund, FMR relies on fundamental analysis, which involves a bottom-up assessment of a company's
potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and
economic and market conditions.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Prospectus

FMR may also use various techniques, such as buying and selling futures contracts and exchange traded funds, 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.

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.

Principal Investment Risks

Many factors affect each fund's performance. A fund's share price changes daily based on changes in market conditions and interest rates
and in response to other economic, political, or financial developments. A fund's reaction to these developments will be affected by the
types of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer,
and the fund's level of investment in the securities of that issuer. When you sell your shares they may be worth more or less than what you
paid for them, which means that you could lose money.

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.
Fluctuations can be dramatic over the short as well as long term, and 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. Changes in the financial condition of a single issuer can impact the market
as a whole. Terrorism and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may
have adverse long-term effects on world economies and markets generally.

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. 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.

Prospectus

Fund Basics - continued

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; political 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.

Issuer-Specific Changes. Changes in the financial condition of an issuer or counterparty, 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 a security's or
instrument's value. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers.

"Growth" Investing. "Growth" stocks can react differently to issuer, political, market, and economic developments than the market as a
whole and other types of stocks. "Growth" stocks tend to be more expensive relative to their earnings or assets compared to other types of
stocks. As a result, "growth" stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.

"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.

Small Cap Investing. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers and can
react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. Smaller issuers can have more limited product lines, markets, and financial resources.

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.

Series International Growth Fund seeks capital appreciation.

Series International Value Fund seeks capital appreciation.

Prospectus

Series International Small Cap Fund seeks capital appreciation.

### Shareholder Notice

The following policy is subject to change only upon 60 days' prior notice to shareholders:

Series International Small Cap normally invests at least 80% of its assets in securities of companies with small market capitalizations.

### 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 normally calculates each fund's NAV as of the close of
business of the NYSE, normally 4:00 p.m. Eastern time. Each fund's assets normally are valued as of this time for the purpose of computing
each fund's NAV. Fidelity calculates net asset value separately for each class of shares of a multiple class fund.

NAV is not calculated and a fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by
the Securities and Exchange Commission (SEC).

To the extent that each fund's assets are traded in other markets on days when the fund is not open for business, the value of the fund's
assets may be affected on those days. 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 or official closing prices. Certain short-term securities are valued
on the basis of amortized cost. If market quotations or official closing prices are not readily available or do not accurately reflect fair value
for a security or if a security's value has been materially affected by events occurring before a fund's pricing time but after the close of the
exchange or market on which the security is principally traded, that security will be valued by another method that the Board of Trustees
believes accurately reflects fair value in accordance with the Board's fair value pricing policies. For example, arbitrage opportunities may
exist when trading in a portfolio security or securities is halted and does not resume before a fund calculates its NAV. These arbitrage opportunities may enable short-term traders to dilute the NAV of long-term investors. Securities trading in overseas markets present time
zone arbitrage opportunities when events affecting portfolio security values occur after the close of the overseas market but prior to the
close of the U.S. market. Fair value pricing will be used for high yield debt and floating rate loans when available pricing information is
determined to be stale or for other reasons not to accurately reflect fair value. To the extent a fund invests in other open-end funds, the
fund will calculate its NAV using the NAV of the underlying funds in which it invests as described in the underlying funds' prospectuses. A
fund may invest in other Fidelity funds that use the same fair value pricing policies as the fund or in Fidelity money market funds. A security's valuation may differ depending on the method used for determining value. Fair valuation of a fund's portfolio securities can serve to
reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of the fund's NAV by short-term traders.

Prospectus

# Shareholder Information

### Buying and Selling Shares

A fund may reject for any reason, or cancel as permitted or required by law, any purchase orders, including transactions deemed to represent excessive trading, at any time.

Excessive trading of fund shares can harm shareholders in various ways, including reducing the returns to long-term shareholders by increasing costs to a fund (such as brokerage commissions), disrupting portfolio management strategies, and diluting the value of the shares
in cases in which fluctuations in markets are not fully priced into the fund's NAV.

Because each fund is only offered for investment to certain other registered investment companies managed by FMR or an affiliate, the
potential for excessive or short-term disruptive purchases and sales is reduced. Accordingly, the Board of Trustees has not adopted policies
and procedures designed to discourage excessive trading of fund shares and each fund accommodates frequent trading.

A fund may in its discretion restrict, reject, or cancel any purchases that, in FMR's opinion, may be disruptive to the management of that
fund or otherwise not be in the fund's interests.

Each fund has no exchange privilege with any other fund. Each fund has no limit on purchase transactions, but is only offered for investment to other investment companies managed by FMR or an affiliate, which in turn have in place FMR's policies and procedures concerning
frequent trading. Each fund reserves the right at any time to restrict purchases or impose conditions that are more restrictive on excessive
or disruptive trading than those stated in this prospectus.

### Buying Shares

Each fund offers its shares to other investment companies managed by FMR or an affiliate.

Theprice to buyone share of each fund is each 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 order is received in proper form.

Orders by funds of funds for which FMR or an affiliate serves as investment manager will be treated as received by the fund at the same time that
the corresponding orders are received in proper form by the funds of funds.

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:

- All of your purchases must be made by federal funds wire; checks and Automated Clearing House System (ACH) payments will not be
accepted.
- All wires must be received in proper form by Fidelity at the applicable fund's designated wire bank before the close of the Federal Reserve
Wire System on the day of purchase or you could be liable for any losses or fees a fund or Fidelity has incurred or for interest and penalties.

Prospectus

Shareholder Information - continued

- Under applicable anti-money laundering regulations and other federal regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

### 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. Normally, redemptions will be processed by the
next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect a
fund.

Orders by funds of funds for which FMR or an affiliate serves as investment manager will be treated as received by the fund at the same time that
the corresponding orders are received in proper form by the funds of funds.

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

- 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.
- 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.
- Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted,
canceled, or processed and the proceeds may be withheld.

### Account Policies

The following policy applies to you as a shareholder.

- Fidelity will send monthly account statements detailing account balances and all transactions completed during the prior month.

You may be asked to provide additional information in order for Fidelity to verify your identity in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information
or as otherwise required under these and other federal regulations.

### 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.

Each fund normally pays dividends and capital gain distributions in December.

Your dividends and capital gain distributions will be paid in cash or, at your election, automatically reinvested in additional shares of the
fund.

Prospectus

### 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, certain of each fund's distributions, including dividends and distributions of short-term capital gains, are taxable
to you as ordinary income, while certain of each fund's distributions, including distributions of long-term capital gains, are taxable to you
generally as capital gains. A percentage of certain distributions of dividends may qualify for taxation at long-term capital gains rates (provided certain holding period requirements are met).

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 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.

Prospectus

# 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. The address of FMR and its affiliates, unless otherwise indicated below, is 82 Devonshire Street, Boston, Massachusetts 02109.

As of December 31, 2008, FMR had approximately $1.1 billion in discretionary assets under management.

As the manager, FMR has overall responsibility for directing each fund's investments and handling its business affairs.

FMR Co., Inc. (FMRC) serves as a sub-adviser for each fund. FMRC has day-to-day responsibility for choosing investments for each fund.

FMRC is an affiliate of FMR. As of December 31, 2008, FMRC had approximately $433.3 billion in discretionary assets under management.

Fidelity Research & Analysis Company (FRAC), an affiliate of FMR, was organized in 1986. FRAC serves as a sub-adviser for each fund and
may provide investment research and advice for the funds.

Affiliates assist FMR with foreign investments:

- Fidelity Management & Research (U.K.) Inc. (FMR U.K.), at 10 Paternoster Square, London, EC4M 7DY, England, serves as a sub-adviser
for each fund. As of  December 31, 2008, FMR U.K. had approximately $8.5 billion in discretionary assets under management. FMR U.K. may
provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for
each fund.
- Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at 41 Connaught Road Central, Hong Kong, serves as a sub-adviser
for each fund. FMR H.K. was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR
H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund.
- Fidelity Management & Research (Japan) Inc. (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo
105-0001, Japan, serves as a sub-adviser for each fund. FMR Japan was organized in 2008 to provide investment research and advice on
issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States
and may also provide investment advisory services for each fund.
- FIL Investment Advisors (FIIA), at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda, serves as a sub-adviser for each fund. As of
June 30, 2008, FIIA had approximately $21.3 billion in discretionary assets under management. FIIA may provide investment research and
advice on issuers based outside the United States and may also provide investment advisory services for each fund.

Prospectus

Fund Services - continued

- FIL Investment Advisors (U.K.) Ltd. (FIIA(U.K.)L), at Oakhill House, 130 Tonbridge Road, Hildenborough, TN11 9DZ, England, serves as
a sub-adviser for each fund. As of June 30, 2008, FIIA(U.K.)L had approximately $10.9 billion in discretionary assets under management.
FIIA(U.K.)L may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund.
- Fidelity Investments Japan Limited (FIJ), at Shiroyama Trust Tower, 4-3-1 Toranomon Minato-ku, Tokyo 105-6019, Japan, serves as a
sub-adviser for each fund. As of June 30, 2008, FIJ had approximately $44 billion in discretionary assets under management. FIJ may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each
fund.

Jed Weiss is manager of Series International Growth Fund and Series International Small Cap Fund, both of which he has managed since
their inception in October 2009. He also manages other Fidelity funds. Since joining Fidelity Investments in 1997, Mr. Weiss has worked as a
research analyst and portfolio manager.

George Stairs is manager of Series International Value Fund, which he has managed since its inception in October 2009. Mr. Stairs joined
Fidelity Investments in 2005 as a portfolio manager. Prior to joining Fidelity, Mr. Stairs was a senior equity portfolio manager for Putnam
Investments from 1996 until 2005.

The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by,
and any fund shares held by Messrs. Weiss and Stairs.

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.

Each fund pays a management fee to FMR. The management fee is calculated and paid to FMR every month. 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 Series International Growth has performed relative to the MSCI EAFE® (Europe, Australasia, Far East)
Growth Index, Series International Value has performed relative to the MSCI EAFE Value Index, or Series International Small Cap has performed relative to the MSCI EAFE Small Cap Index.

Prospectus

|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.

For June 2009, the group fee rate was 0.26%. The individual fund fee rate is 0.45% for Series International Growth and Series International
Value, and 0.60% for Series International Small Cap.

The performance adjustment rate is calculated monthly by comparing over the performance period Series International Growth's performance to that of the MSCI EAFE Growth Index, Series International Value's performance to that of the MSCI EAFE Value Index, or Series
International Small Cap's performance to that of the MSCI EAFE Small Cap Index.

For the purposes of calculating the performance adjustment for each fund, the fund's investment performance will be based on the performance of the retail class of the fund.

For each fund, the performance period will begin on December 1, 2009 and will eventually include 36 months. The performance adjustment
will not take effect until November 1, 2010.

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

FMR pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services. FMR and its affiliates pay FRAC for providing sub-advisory services. FMR pays FIIA for providing sub-advisory services, and FIIA in turn pays FIIA(U.K.)L. FIIA in turn pays FIJ for providing sub-advisory services.

The basis for the Board of Trustees approving the management contract and sub-advisory agreements for each fund will be included in
each fund's semiannual report for the fiscal period ended April 30, 2010, when available.

FMR may, from time to time, agree to reimburse the fund for management fees and other expenses above a specified limit. FMR retains the ability
to be repaid by the 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 the fund's expenses and boost its performance.

### Fund Distribution

Each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) with
respect to its shares 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 Fidelity Distributors Corporation (FDC) for expenses incurred in connection with providing services intended to result
in the sale of shares of each fund and/or shareholder support services. FMR, directly or through FDC, may pay significant amounts to intermediaries, including retirement plan sponsors, service-providers, and administrators, that provide those services. Currently, the Board of
Trustees of each fund has authorized such payments for shares of each fund.

Prospectus

Fund Services - continued

If payments made by FMR to FDC or to intermediaries under a Distribution and Service Plan were considered to be paid out of a class's assets on an ongoing basis, they might increase the cost of your investment and might cost you more than paying other types of sales charges.

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 prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such
other information or representations must not be relied upon as having been authorized by the funds or FDC. This prospectus 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.

Prospectus

|IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
(USA PATRIOT ACT), requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account.
For investors other than individuals:When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN) and
may be requested to provide information on persons with authority or control over the account such as name, residential address, date of birth and social security number. You may also be asked to provide
documents, such as drivers' licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help Fidelity identify the entity.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

You can obtain additional information about the fund. A description of the fund's policies and procedures for disclosing its holdings is available in its SAI and on Fidelity's web
sites. The SAI also includes more detailed information about the fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). A
financial report will be available once the fund has completed its first annual or semi-annual period. The fund's annual and semi-annual reports also include additional information.
The fund's annual report includes 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, SAI, or annual or semi-annual report or to request other information.

|The SAIs, the funds' annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the
SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing
the Public Reference Section of the SEC, Washington, D.C. 20549-0102. You can also review and copy information about the funds, including the funds' SAIs, at the SEC's Public
Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room.
Investment Company Act of 1940, File Number, 811-02105
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling
SIPC at 202-371-8300.

Fidelity and Fidelity Investments & (Pyramid) Design are registered trademarks of FMR LLC.

The third party marks appearing above are the marks of their respective owners.

1.901077.100	GSV-S-red-0809

SUBJECT TO COMPLETION. PRELIMINARY STATEMENT OF ADDITIONAL INFORMATION DATED August 11, 2009.
The information in this statement of additional information is not complete and may be changed. We may not sell these securities
until the registration statement filed with the Securities and Exchange Commission is effective. This statement of additional
information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or
sale is not permitted.

Fidelity®Series International Growth Fund

Fidelity Series International Value Fund

Fidelity Series International Small Cap Fund

Funds of Fidelity Investment Trust

STATEMENT OF ADDITIONAL INFORMATION

October _, 2009

This statement of additional information (SAI) is not a prospectus. An annual report for each fund will be
available once the fund has completed its first annual period.

To obtain a free additional copy of the prospectus or SAI, dated October _, 2009, please call Fidelity at
1-800-544-8544 or visit Fidelity's web site at www.fidelity.com.

|TABLE OF CONTENTS                                               | PAGE        
|--------------------------------------------------------------- | ------------
|Investment Policies and Limitations                             | <Click
Here>
|Special Considerations Regarding Canada                         | <Click
Here>
|Special Considerations Regarding Europe                         | <Click
Here>
|Special Considerations Regarding Japan                          | <Click
Here>
|Special Considerations Regarding Asia Pacific Region (ex Japan) | <Click
Here>
|Special Considerations Regarding Latin America                  | <Click
Here>
|Special Considerations Regarding Emerging Markets               | <Click
Here>
|Special Considerations Regarding Russia                         | <Click
Here>
|Special Considerations Regarding the Middle East and Africa     | <Click
Here>
|Portfolio Transactions                                          | <Click
Here>
|Valuation                                                       | <Click
Here>
|Buying and Selling Information                                  | <Click
Here>
|Distributions and Taxes                                         | <Click
Here>
|Trustees and Officers                                           | <Click
Here>
|Control of Investment Advisers                                  | <Click
Here>
|Management Contract                                             | <Click
Here>
|Proxy Voting Guidelines                                         | <Click
Here>
|Distribution Services                                           | <Click
Here>
|Transfer and Service Agent Agreements                           | <Click
Here>
|Description of the Trust                                        | <Click
Here>
|Fund Holdings Information                                       | <Click
Here>
|Appendix                                                        | <Click
Here>

GSV-S-redb-0809
1.901078.100

(fidelity_logo_graphic)

82 Devonshire Street, Boston, MA 02109

INVESTMENT POLICIES AND LIMITATIONS

The following policies and limitations supplement those set forth in the prospectus. 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 (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.

The following are each fund's fundamental investment limitations set forth in their entirety.

Diversification

For each fund:

The fund may not 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.

Senior Securities

For each fund:

The fund may not 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.

Borrowing

For each fund:

The fund may not 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.

Underwriting

For each fund:

The fund may not 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 or in connection with investments in other investment
companies.

Concentration

For each fund:

The fund may not 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.

For purposes of each of Series International Growth's, Series International Value's, and Series International Small Cap's concentration limitation discussed above, with respect to any investment in Fidelity® Money Market Central Fund and/or any non-money market central fund, Fidelity Management & Research Company (FMR) looks through to the holdings of the central fund.

For purposes of Series International Growth's, Series International Value's, and Series International Small Cap's concentration
limitation discussed above, FMR may analyze the characteristics of a particular issuer and security and assign an industry or sector
classification consistent with those characteristics in the event that the third party classification provider used by FMR does not
assign a classification.

Real Estate

For each fund:

The fund may not 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).

Commodities

For each fund:

The fund may not 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).

Loans

For each fund:

The fund may not 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, or to acquisitions of loans, loan
participations or other forms of debt instruments.

The following investment limitations are not fundamental and may be changed without shareholder approval.

Short Sales

For each fund:

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.

Margin Purchases

For each fund:

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.

Borrowing

For each fund:

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 the fundamental borrowing investment limitation).

Illiquid Securities

For each fund:

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.

For purposes of each fund's illiquid securities limitation discussed above, 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.

Loans

For each fund:

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) assuming any unfunded commitments in connection with the acquisition of loans, loan participations, or other forms of debt instruments. (This
limitation does not apply to purchases of debt securities, to repurchase agreements, or to acquisitions of loans, loan participations or other
forms of debt instruments.)

In addition to each fund's fundamental and non-fundamental limitations discussed above:

For a fund's limitations on futures and options transactions, see the section entitled "Futures, Options, and Swaps" on page 7.

The following pages contain more detailed information about types of instruments in which a fund may invest, strategies FMR may
employ in pursuit of a fund's investment objective, and a summary of related risks. FMR may not buy all of these instruments or use
all of these techniques unless it believes that doing so will help a fund achieve its goal.

Affiliated Bank Transactions. A fund may engage in transactions with financial institutions that are, or may be considered to be,
"affiliated persons" of the fund under the 1940 Act. These transactions may involve repurchase agreements with custodian banks; short-term obligations of, and repurchase agreements with, the 50 largest U.S. banks (measured by deposits); municipal securities; U.S. Government securities with affiliated financial institutions that are primary dealers in these securities; short-term currency transactions; and
short-term borrowings. In accordance with exemptive orders issued by the Securities and Exchange Commission (SEC), the Board of
Trustees has established and periodically reviews procedures applicable to transactions involving affiliated financial institutions.

Borrowing. Each fund may borrow from banks or from other funds advised by FMR or its affiliates, or through reverse repurchase
agreements. If a fund borrows money, its share price may be subject to greater fluctuation until the borrowing is paid off. If a fund makes
additional investments while borrowings are outstanding, this may be considered a form of leverage.

Cash Management. A fund can hold uninvested cash or can invest it in cash equivalents such as money market securities, repurchase
agreements, or shares of money market or short-term bond funds. Generally, these securities offer less potential for gains than other types
of securities.

Central Funds are special types of investment vehicles created by Fidelity for use by the Fidelity funds and other advisory clients.
FMR uses central funds to invest in particular security types or investment disciplines, or for cash management. Central funds incur
certain costs related to their investment activity (such as custodial fees and expenses), but do not pay additional management fees to
Fidelity. The investment results of the portions of the fund's assets invested in the central funds will be based upon the investment results
of those funds.

Common Stock represents an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the
claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

Convertible Securities are bonds, debentures, notes, or other securities that may be converted or exchanged (by the holder or by the
issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible
security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a
specified price) established upon issue. If a convertible security held by a fund is called for redemption or conversion, the fund could be
required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide
yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher
yield, convertible securities generally sell at prices above their "conversion value," which is the current market value of the stock to be
received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in
value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of
principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the
holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the
difference between the market value of convertible securities and their conversion value will narrow, which means that the value of
convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible
securities may also be interest-rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible
securities are also subject to credit risk, and are often lower-quality securities.

Country or Geographic Region. FMR considers a number of factors to determine whether an investment is tied economically to a
particular country or region including: whether the investment is issued or guaranteed by a particular government or any of its agencies,
political subdivisions, or instrumentalities; whether the investment has its primary trading market in a particular country or region;
whether the issuer is organized under the laws of, derives at least 50% of its revenues from, or has at least 50% of its assets in a particular
country or region; whether the investment is included in an index representative of a particular country or region; and whether the investment is exposed to the economic fortunes and risks of a particular country or region.

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, usually at the maturity of the security. Some debt securities, such as zero coupon bonds, do not pay interest
but are sold at a deep discount from their face values. Debt securities include corporate bonds, government securities, repurchase agreements, and mortgage and other asset-backed securities.

Exposure to Foreign Markets. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign
operations may involve significant risks in addition to the risks inherent in U.S. investments.

Foreign investments involve risks relating to local political, economic, regulatory, or social instability, military action or unrest, or
adverse diplomatic developments, and may be affected by actions of foreign governments adverse to the interests of U.S. investors. Such
actions may include expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment or on the ability to
repatriate assets or convert currency into U.S. dollars, or other government intervention. Additionally, governmental issuers of foreign
debt securities may be unwilling to pay interest and repay principal when due and may require that the conditions for payment be renegotiated. There is no assurance that FMR will be able to anticipate these potential events or counter their effects. In addition, the value of
securities denominated in foreign currencies and of dividends and interest paid with respect to such securities will fluctuate based on the
relative strength of the U.S. dollar.

It is anticipated that in most cases the best available market for foreign securities will be on an exchange or in over-the-counter (OTC)
markets located outside of the United States. Foreign stock markets, while growing in volume and sophistication, are generally not as
developed as those in the United States, and securities of some foreign issuers may be less liquid and more volatile than securities of
comparable U.S. issuers. Foreign security trading, settlement and custodial practices (including those involving securities settlement
where fund assets may be released prior to receipt of payment) are often less developed than those in U.S. markets, and may result in
increased risk or substantial delays in the event of a failed trade or the insolvency of, or breach of duty by, a foreign broker-dealer, securities depository, or foreign subcustodian. In addition, the costs associated with foreign investments, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than with U.S. investments.

Foreign markets may offer less protection to investors than U.S. markets. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to U.S. issuers. Adequate
public information on foreign issuers may not be available, and it may be difficult to secure dividends and information regarding corporate actions on a timely basis. In general, there is less overall governmental supervision and regulation of securities exchanges, brokers,
and listed companies than in the United States. OTC markets tend to be less regulated than stock exchange markets and, in certain countries, may be totally unregulated. Regulatory enforcement may be influenced by economic or political concerns, and investors may have
difficulty enforcing their legal rights in foreign countries.

Some foreign securities impose restrictions on transfer within the United States or to U.S. persons. Although securities subject to such
transfer restrictions may be marketable abroad, they may be less liquid than foreign securities of the same class that are not subject to such
restrictions.

American Depositary Receipts (ADRs) as well as other "hybrid" forms of ADRs, including European Depositary Receipts (EDRs)
and Global Depositary Receipts (GDRs), are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued
by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust
by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of
the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate
actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However,
ADRs continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign
exchange risk as well as the political and economic risks of the underlying issuer's country.

The risks of foreign investing may be magnified for investments in emerging markets. Security prices in emerging markets can be
significantly more volatile than those in more developed markets, reflecting the greater uncertainties of investing in less established
markets and economies. In particular, countries with emerging markets may have relatively unstable governments, may present the risks
of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less
protection of property rights than more developed countries. The economies of countries with emerging markets may be based on only a
few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt
burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to
increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.

Foreign Currency Transactions. A fund may conduct foreign currency transactions on a spot (i.e., cash) or forward basis (i.e., by
entering into forward contracts to purchase or sell foreign currencies). Although foreign exchange dealers generally do not charge a fee
for such conversions, they do realize a profit based on the difference between the prices at which they are buying and selling various
currencies. Thus, a dealer may offer to sell a foreign currency at one rate, while offering a lesser rate of exchange should the counterparty
desire to resell that currency to the dealer. Forward contracts are customized transactions that require a specific amount of a currency to
be delivered at a specific exchange rate on a specific date or range of dates in the future. Forward contracts are generally traded in an
interbank market directly between currency traders (usually large commercial banks) and their customers. The parties to a forward contract may agree to offset or terminate the contract before its maturity, or may hold the contract to maturity and complete the contemplated
currency exchange.

The following discussion summarizes the principal currency management strategies involving forward contracts that could be used
by a fund. A fund may also use swap agreements, indexed securities, and options and futures contracts relating to foreign currencies for
the same purposes.

A "settlement hedge" or "transaction hedge" is designed to protect a fund against an adverse change in foreign currency values between the date a security is purchased or sold and the date on which payment is made or received. Entering into a forward contract for the
purchase or sale of the amount of foreign currency involved in an underlying security transaction for a fixed amount of U.S. dollars "locks
in" the U.S. dollar price of the security. Forward contracts to purchase or sell a foreign currency may also be used by a fund in anticipation
of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected by
FMR.

A fund may also use forward contracts to hedge against a decline in the value of existing investments denominated in foreign currency. For example, if a fund owned securities denominated in pounds sterling, it could enter into a forward contract to sell pounds sterling in
return for U.S. dollars to hedge against possible declines in the pound's value. Such a hedge, sometimes referred to as a "position hedge,"
would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other
factors. A fund could also hedge the position by selling another currency expected to perform similarly to the pound sterling. This type of
hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally would not
hedge currency exposure as effectively as a direct hedge into U.S. dollars. Proxy hedges may result in losses if the currency used to hedge
does not perform similarly to the currency in which the hedged securities are denominated.

A fund may enter into forward contracts to shift its investment exposure from one currency into another. This may include shifting
exposure from U.S. dollars to a foreign currency, or from one foreign currency to another foreign currency. This type of strategy, sometimes known as a "cross-hedge," will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased, much as if a fund had sold a security denominated in one currency and purchased an equivalent security denominated
in another. A fund may cross-hedge its U.S. dollar exposure in order to achieve a representative weighted mix of the major currencies in
its benchmark index and/or to cover an underweight country or region exposure in its portfolio. Cross-hedges protect against losses resulting from a decline in the hedged currency, but will cause a fund to assume the risk of fluctuations in the value of the currency it
purchases.

Successful use of currency management strategies will depend on FMR's skill in analyzing currency values. Currency management
strategies may substantially change a fund's investment exposure to changes in currency exchange rates and could result in losses to a
fund if currencies do not perform as FMR anticipates. For example, if a currency's value rose at a time when FMR had hedged a fund by
selling that currency in exchange for dollars, a fund would not participate in the currency's appreciation. If FMR hedges currency exposure through proxy hedges, a fund could realize currency losses from both the hedge and the security position if the two currencies do not
move in tandem. Similarly, if FMR increases a fund's exposure to a foreign currency and that currency's value declines, a fund will
realize a loss. A fund may be required to limit its hedging transactions in foreign currency forwards, futures, and options in order to
maintain its classification as a "regulated investment company" under the Internal Revenue Code (Code). Hedging transactions could
result in the application of the mark-to-market provisions of the Code, which may cause an increase (or decrease) in the amount of taxable
dividends paid by a fund and could affect whether dividends paid by a fund are classified as capital gains or ordinary income. There is no
assurance that FMR's use of currency management strategies will be advantageous to a fund or that it will employ currency management
strategies at appropriate times.

Options and Futures Relating to Foreign Currencies. Currency futures contracts are similar to forward currency exchange contracts, except that they are traded on exchanges (and have margin requirements) and are standardized as to contract size and delivery date.
Most currency futures contracts call for payment or delivery in U.S. dollars. The underlying instrument of a currency option may be a
foreign currency, which generally is purchased or delivered in exchange for U.S. dollars, or may be a futures contract. The purchaser of a
currency call obtains the right to purchase the underlying currency, and the purchaser of a currency put obtains the right to sell the underlying currency.

The uses and risks of currency options and futures are similar to options and futures relating to securities or indices, as discussed
below. A fund may purchase and sell currency futures and may purchase and write currency options to increase or decrease its exposure to
different foreign currencies. Currency options may also be purchased or written in conjunction with each other or with currency futures or
forward contracts. Currency futures and options values can be expected to correlate with exchange rates, but may not reflect other factors
that affect the value of a fund's investments. A currency hedge, for example, should protect a Yen-denominated security from a decline in
the Yen, but will not protect a fund against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value
of a fund's foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to
match the amount of currency options and futures to the value of the fund's investments exactly over time.

Foreign Repurchase Agreements. Foreign repurchase agreements involve an agreement to purchase a foreign security and to sell
that security back to the original seller at an agreed-upon price in either U.S. dollars or foreign currency. Unlike typical U.S. repurchase
agreements, foreign repurchase agreements may not be fully collateralized at all times. The value of a security purchased by a fund may
be more or less than the price at which the counterparty has agreed to repurchase the security. In the event of default by the counterparty,
the fund may suffer a loss if the value of the security purchased is less than the agreed-upon repurchase price, or if the fund is unable to
successfully assert a claim to the collateral under foreign laws. As a result, foreign repurchase agreements may involve higher credit risks
than repurchase agreements in U.S. markets, as well as risks associated with currency fluctuations. In addition, as with other emerging
market investments, repurchase agreements with counterparties located in emerging markets or relating to emerging markets may involve issuers or counterparties with lower credit ratings than typical U.S. repurchase agreements.

Funds' Rights as Investors. The funds do not intend to direct or administer the day-to-day operations of any company. A fund, however, may exercise its rights as a shareholder or lender and may communicate its views on important matters of policy to management, the
Board of Directors, shareholders of a company, and holders of other securities of the company when FMR determines that such matters
could have a significant effect on the value of the fund's investment in the company. The activities in which a fund may engage, either
individually or in conjunction with others, may include, among others, supporting or opposing proposed changes in a company's corporate structure or business activities; seeking changes in a company's directors or management; seeking changes in a company's direction
or policies; seeking the sale or reorganization of the company or a portion of its assets; supporting or opposing third-party takeover efforts; supporting the filing of a bankruptcy petition; or foreclosing on collateral securing a security. This area of corporate activity is
increasingly prone to litigation and it is possible that a fund could be involved in lawsuits related to such activities. FMR will monitor
such activities with a view to mitigating, to the extent possible, the risk of litigation against a fund and the risk of actual liability if a fund is
involved in litigation. No guarantee can be made, however, that litigation against a fund will not be undertaken or liabilities incurred. The
funds' proxy voting guidelines are included in this SAI.

Futures, Options, and Swaps. The success of any strategy involving futures, options, and swaps depends on an adviser's analysis of
many economic and mathematical factors and a fund's return may be higher if it never invested in such instruments. Additionally, some
of the contracts discussed below are new instruments without a trading history and there can be no assurance that a market for the instruments will continue to exist.

Futures Contracts. In purchasing a futures contract, the buyer agrees to purchase a specified underlying instrument at a specified
future date. In selling a futures contract, the seller agrees to sell a specified underlying instrument at a specified future date. The price at
which the purchase and sale will take place is fixed when the buyer and seller enter into the contract. Some currently available futures
contracts are based on specific securities and some are based on indices of securities prices. Futures can be held until their delivery dates,
or can be closed out before then if a liquid market is available.

Futures may be based on foreign indexes such as the Compagnie des Agents de Change 40 Index (CAC 40) in France, the Deutscher
Aktienindex (DAX 30) in Germany, the Financial Times Stock Exchange Eurotop 100 Index (FTSE Eurotop 100) in Europe, the IBEX 35
Index (IBEX 35) in Spain, the Financial Times Stock Exchange 100 Index (FTSE 100) in the United Kingdom, the Australian Stock
Exchange All Ordinaries Index (ASX All Ordinaries) in Australia, the Hang Seng Index in Hong Kong, and the Nikkei Stock Average
(Nikkei 225), the Nikkei Stock Index 300 (Nikkei 300), and the Tokyo Stock Exchange Stock Price Index (TOPIX) in Japan.

The value of a futures contract tends to increase and decrease in tandem with the value of its underlying instrument. Therefore, purchasing futures contracts will tend to increase a fund's exposure to positive and negative price fluctuations in the underlying instrument,
much as if it had purchased the underlying instrument directly. When a fund sells a futures contract, by contrast, the value of its futures
position will tend to move in a direction contrary to the market. Selling futures contracts, therefore, will tend to offset both positive and
negative market price changes, much as if the underlying instrument had been sold.

The purchaser or seller of a futures contract or an option for a futures contract is not required to deliver or pay for the underlying
instrument unless the contract is held until the delivery date. However, both the purchaser and seller are required to deposit "initial margin" with a futures broker, known as a futures commission merchant (FCM), when the contract is entered into. If the value of either party's
position declines, that party will be required to make additional "variation margin" payments to settle the change in value on a daily basis.
This process of "marking to market" will be reflected in the daily calculation of open positions computed in a fund's net asset value per
share (NAV). The party that has a gain is entitled to receive all or a portion of this amount. Initial and variation margin payments do not
constitute purchasing securities on margin for purposes of a fund's investment limitations. In the event of the bankruptcy or insolvency of
an FCM that holds margin on behalf of a fund, the fund may be entitled to return of margin owed to it only in proportion to the amount
received by the FCM's other customers, potentially resulting in losses to the fund. A fund is required to segregate liquid assets equivalent
to the fund's outstanding obligations under the contract in excess of the initial margin and variation margin, if any.

Although futures exchanges generally operate similarly in the United States and abroad, foreign futures exchanges may follow trading, settlement, and margin procedures that are different from those for U.S. exchanges. Futures contracts traded outside the United
States may involve greater risk of loss than U.S.-traded contracts, including potentially greater risk of losses due to insolvency of a futures
broker, exchange member, or other party that may owe initial or variation margin to a fund. Because initial and variation margin payments may be measured in foreign currency, a futures contract traded outside the United States may also involve the risk of foreign currency fluctuation.

Each fund will not: (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the fund's total
assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result,
the fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its
total assets under normal conditions; or (c) purchase call options if, as a result, the current value of option premiums for call options
purchased by the fund would exceed 5% of the fund's total assets. These limitations do not apply to options attached to or acquired or
traded together with their underlying securities, and do not apply to structured notes.

The requirements for qualification as a regulated investment company also may limit the extent to which a fund may enter into futures, options on futures and forward contracts. See "Distributions and Taxes."

The above limitations on the funds' investments in futures contracts, options, and swaps, and the funds' policies regarding futures
contracts, options, and swaps discussed elsewhere herein this SAI are not fundamental policies and may be changed as regulatory agencies permit.

There is no assurance a liquid market will exist for any particular futures contract at any particular time. Exchanges may establish
daily price fluctuation limits for futures contracts, and may halt trading if a contract's price moves upward or downward more than the
limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible
to enter into new positions or close out existing positions. If the market for a contract is not liquid because of price fluctuation limits or
other market conditions, it could prevent prompt liquidation of unfavorable positions, and potentially could require a fund to continue to
hold a position until delivery or expiration regardless of changes in its value. As a result, a fund's access to other assets held to cover its
futures positions could also be impaired.

Because there are a limited number of types of exchange-traded futures contracts, it is likely that the standardized contracts available
will not match a fund's current or anticipated investments exactly. A fund may invest in futures contracts based on securities with different issuers, maturities, or other characteristics from the securities in which the fund typically invests, which involves a risk that the futures
position will not track the performance of the fund's other investments.

Futures prices can also diverge from the prices of their underlying instruments, even if the underlying instruments match a fund's
investments well. Futures prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of
the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices the same way.
Imperfect correlation may also result from differing levels of demand in the futures markets and the securities markets, from structural
differences in how futures and securities are traded, or from imposition of daily price fluctuation limits or trading halts. A fund may
purchase or sell futures contracts with a greater or lesser value than the securities it wishes to hedge or intends to purchase in order to
attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all
cases. If price changes in a fund's futures positions are poorly correlated with its other investments, the positions may fail to produce
anticipated gains or result in losses that are not offset by gains in other investments.

Options. By purchasing a put option, the purchaser obtains the right (but not the obligation) to sell the option's underlying instrument
at a fixed strike price. In return for this right, the purchaser pays the current market price for the option (known as the option premium).
Options have various types of underlying instruments, including specific securities, indices of securities prices, and futures contracts.
The purchaser may terminate its position in a put option by allowing it to expire or by exercising the option. If the option is allowed to
expire, the purchaser will lose the entire premium. If the option is exercised, the purchaser completes the sale of the underlying instrument at the strike price. A purchaser may also terminate a put option position by closing it out in the secondary market at its current price,
if a liquid secondary market exists.

The buyer of a typical put option can expect to realize a gain if security prices fall substantially. However, if the underlying instrument's price does not fall enough to offset the cost of purchasing the option, a put buyer can expect to suffer a loss (limited to the amount
of the premium, plus related transaction costs).

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right
to purchase, rather than sell, the underlying instrument at the option's strike price. A call buyer typically attempts to participate in potential price increases of the underlying instrument with risk limited to the cost of the option if security prices fall. At the same time, the
buyer can expect to suffer a loss if security prices do not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option's purchaser. In return for receipt of the
premium, the writer assumes the obligation to pay or receive the strike price for the option's underlying instrument if the other party to the
option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by closing out the option in the
secondary market at its current price. If the secondary market is not liquid for a put option, however, the writer must continue to be
prepared to pay the strike price while the option is outstanding, regardless of price changes. When writing an option on a futures contract,
a fund will be required to make margin payments to an FCM as described above for futures contracts.

If security prices rise, a put writer would generally expect to profit, although its gain would be limited to the amount of the premium it
received. If security prices remain the same over time, it is likely that the writer will also profit, because it should be able to close out the
option at a lower price. If security prices fall, the put writer would expect to suffer a loss. This loss should be less than the loss from
purchasing the underlying instrument directly, however, because the premium received for writing the option should mitigate the effects
of the decline.

Writing a call option obligates the writer to sell or deliver the option's underlying instrument, in return for the strike price, upon
exercise of the option. The characteristics of writing call options are similar to those of writing put options, except that writing calls
generally is a profitable strategy if prices remain the same or fall. Through receipt of the option premium, a call writer mitigates the
effects of a price decline. At the same time, because a call writer must be prepared to deliver the underlying instrument in return for the
strike price, even if its current value is greater, a call writer gives up some ability to participate in security price increases.

Each fund will not: (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the fund's total
assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result,
the fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its
total assets under normal conditions; or (c) purchase call options if, as a result, the current value of option premiums for call options
purchased by the fund would exceed 5% of the fund's total assets. These limitations do not apply to options attached to or acquired or
traded together with their underlying securities, and do not apply to structured notes.

The requirements for qualification as a regulated investment company also may limit the extent to which a fund may enter into futures, options on futures and forward contracts. See "Distributions and Taxes."

The above limitations on the funds' investments in futures contracts, options, and swaps, and the funds' policies regarding futures
contracts, options, and swaps discussed elsewhere herein this SAI are not fundamental policies and may be changed as regulatory agencies permit.

There is no assurance a liquid market will exist for any particular options contract at any particular time. Options may have relatively
low trading volume and liquidity if their strike prices are not close to the underlying instrument's current price. In addition, exchanges
may establish daily price fluctuation limits for options contracts, and may halt trading if a contract's price moves upward or downward
more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may
be impossible to enter into new positions or close out existing positions. If the market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions, and potentially could require a fund to continue to
hold a position until delivery or expiration regardless of changes in its value. As a result, a fund's access to other assets held to cover its
options positions could also be impaired.

Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and
strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other
party to the option contract. While this type of arrangement allows the purchaser or writer greater flexibility to tailor an option to its
needs, OTC options generally are less liquid and involve greater credit risk than exchange-traded options, which are backed by the clearing organization of the exchanges where they are traded.

Combined positions involve purchasing and writing options in combination with each other, or in combination with futures or forward
contracts, to adjust the risk and return characteristics of the overall position. For example, purchasing a put option and writing a call
option on the same underlying instrument would construct a combined position whose risk and return characteristics are similar to selling
a futures contract. Another possible combined position would involve writing a call option at one strike price and buying a call option at a
lower price, to reduce the risk of the written call option in the event of a substantial price increase. Because combined options positions
involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

A fund may also buy and sell options on swaps. Options on interest rate swaps are known as swaptions. An option on a swap gives a
party the right to enter into a new swap agreement or to extend, shorten, cancel or modify an existing swap contract at a specific date in the
future in exchange for a premium.

Because there are a limited number of types of exchange-traded options contracts, it is likely that the standardized contracts available
will not match a fund's current or anticipated investments exactly. A fund may invest in options contracts based on securities with different issuers, maturities, or other characteristics from the securities in which the fund typically invests, which involves a risk that the options position will not track the performance of the fund's other investments.

Options prices can also diverge from the prices of their underlying instruments, even if the underlying instruments match a fund's
investments well. Options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of
the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices the same way.
Imperfect correlation may also result from differing levels of demand in the options and futures markets and the securities markets, from
structural differences in how options and futures and securities are traded, or from imposition of daily price fluctuation limits or trading
halts. A fund may purchase or sell options contracts with a greater or lesser value than the securities it wishes to hedge or intends to
purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be
successful in all cases. If price changes in a fund's options positions are poorly correlated with its other investments, the positions may fail
to produce anticipated gains or result in losses that are not offset by gains in other investments.

Swap Agreements. Swaps are individually negotiated and structured to include exposure to a variety of different types of investments
or market factors. Swap agreements are two party contracts entered into primarily by institutional investors. Swap agreements can vary in
term like other fixed-income investments. Most swap agreements are traded over-the-counter. In a standard "swap" transaction, two
parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or
instruments. The gross returns to be exchanged or swapped between the parties are calculated with respect to a notional amount, which is
the predetermined dollar principal of the trade representing the hypothetical underlying quantity upon which payment obligations are
computed.

Swap agreements can take many different forms and are known by a variety of names. Depending on how they are used, swap agreements may increase or decrease the overall volatility of a fund's investments and its share price.

In a credit default swap, the credit default protection buyer makes periodic payments, known as premiums, to the credit default
protection seller. In return the credit default protection seller will make a payment to the credit default protection buyer upon the occurrence of a specified credit event. A credit default swap can refer to a single issuer or asset, a basket of issuers or assets or index of assets,
each known as the reference entity or underlying asset. A fund may act as either the buyer or the seller of a credit default swap. A fund may
buy or sell credit default protection on a basket of issuers or assets, even if a number of the underlying assets referenced in the basket are
lower-quality debt securities. In an unhedged credit default swap, a fund buys credit default protection on a single issuer or asset, a basket
of issuers or assets or index of assets without owning the underlying asset or debt issued by the reference entity. Credit default swaps
involve greater and different risks than investing directly in the referenced asset, because, in addition to market risk, credit default swaps
include liquidity, counterparty and operational risk.

Credit default swaps allow a fund to acquire or reduce credit exposure to a particular issuer, asset or basket of assets. If a swap agreement calls for payments by the fund, the fund must be prepared to make such payments when due. If the fund is the credit default protection seller, the fund will experience a loss if a credit event occurs and the credit of the reference entity or underlying asset has deteriorated.
If the fund is the credit default protection buyer, the fund will be required to pay premiums to the credit default protection seller.

If the creditworthiness of the fund's swap counterparty declines, the risk that the counterparty may not perform could increase, potentially resulting in a loss to the fund. To limit the counterparty risk involved in swap agreements, the fund will only enter into swap agreements with counterparties that meet certain standards of creditworthiness.

Swap agreements generally are entered into by "eligible participants" and in compliance with certain other criteria necessary to render them excluded from regulation under the Commodity Exchange Act (CEA) and, therefore not subject to regulation as futures or
commodity option transactions under the CEA.

Illiquid Securities cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are
valued. Difficulty in selling securities may result in a loss or may be costly to a fund. Under the supervision of the Board of Trustees, FMR
determines the liquidity of a fund's investments and, through reports from FMR, the Board monitors investments in illiquid securities. In
determining the liquidity of a fund's investments, various factors may be considered, including (1) the frequency and volume of trades
and quotations, (2) the number of dealers and prospective purchasers in the marketplace, (3) dealer undertakings to make a market, and
(4) the nature of the security and the market in which it trades (including any demand, put or tender features, the mechanics and other
requirements for transfer, any letters of credit or other credit enhancement features, any ratings, the number of holders, the method of
soliciting offers, the time required to dispose of the security, and the ability to assign or offset the rights and obligations of the security).

Indexed Securities are instruments whose prices are indexed to the prices of other securities, securities indices, currencies, or other
financial indicators. Indexed securities typically, but not always, are debt securities or deposits whose value at maturity or coupon rate is
determined by reference to a specific instrument or statistic.

Currency-indexed securities typically are short-term to intermediate-term debt securities whose maturity values or interest rates are
determined by reference to the values of one or more specified foreign currencies, and may offer higher yields than U.S. dollar-denominated securities. Currency-indexed securities may be positively or negatively indexed; that is, their maturity value may increase when the
specified currency value increases, resulting in a security that performs similarly to a foreign-denominated instrument, or their maturity
value may decline when foreign currencies increase, resulting in a security whose price characteristics are similar to a put on the underlying currency. Currency-indexed securities may also have prices that depend on the values of a number of different foreign currencies
relative to each other.

The performance of indexed securities depends to a great extent on the performance of the security, currency, or other instrument to
which they are indexed, and may also be influenced by interest rate changes in the United States and abroad. Indexed securities may be
more volatile than the underlying instruments. Indexed securities are also subject to the credit risks associated with the issuer of the
security, and their values may decline substantially if the issuer's creditworthiness deteriorates. Recent issuers of indexed securities have
included banks, corporations, and certain U.S. Government agencies.

Interfund Borrowing and Lending Program. Pursuant to an exemptive order issued by the SEC, a fund may lend money to, and
borrow money from, other funds advised by FMR or its affiliates. A fund will borrow through the program only when the costs are equal to
or lower than the cost of bank loans, and will lend through the program only when the returns are higher than those available from an
investment in repurchase agreements. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of
seven days. Loans may be called on one day's notice. A fund may have to borrow from a bank at a higher interest rate if an interfund loan is
called or not renewed. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing
costs.

Investment-Grade Debt Securities. Investment-grade debt securities include all types of debt instruments that are of medium and
high-quality. Investment-grade debt securities include repurchase agreements collateralized by U.S. Government securities as well as
repurchase agreements collateralized by equity securities, non-investment-grade debt, and all other instruments in which a fund can
perfect a security interest, provided the repurchase agreement counterparty has an investment-grade rating. Some investment-grade debt
securities may possess speculative characteristics and may be more sensitive to economic changes and to changes in the financial conditions of issuers. An investment-grade rating means the security or issuer is rated investment-grade by a credit rating agency registered as a
nationally recognized statistical rating organization (NRSRO) with the SEC (for example, Moody's® Investors Service, Inc.), or is unrated but considered to be of equivalent quality by FMR.

Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed by a corporate, governmental, or
other borrower to lenders or lending syndicates (loans and loan participations), to suppliers of goods or services (trade claims or other
receivables), or to other parties. Direct debt instruments involve a risk of loss in case of default or insolvency of the borrower and may
offer less legal protection to the purchaser in the event of fraud or misrepresentation, or there may be a requirement that a fund supply
additional cash to a borrower on demand.

Purchasers of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the borrower for payment of
interest and repayment of principal. If scheduled interest or principal payments are not made, the value of the instrument may be adversely affected. Loans that are fully secured provide more protections than an unsecured loan in the event of failure to make scheduled interest
or principal payments. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the borrower's
obligation, or that the collateral could be liquidated. Indebtedness of borrowers whose creditworthiness is poor involves substantially
greater risks and may be highly speculative. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or
may pay only a small fraction of the amount owed. Direct indebtedness of developing countries also involves a risk that the governmental
entities responsible for the repayment of the debt may be unable, or unwilling, to pay interest and repay principal when due.

Investments in loans through direct assignment of a financial institution's interests with respect to a loan may involve additional risks.
For example, if a loan is foreclosed, the purchaser could become part owner of any collateral, and would bear the costs and liabilities
associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability,
a purchaser could be held liable as a co-lender. Direct debt instruments may also involve a risk of insolvency of the lending bank or other
intermediary.

A loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of
the loan, as specified in the loan agreement. Unless, under the terms of the loan or other indebtedness, the purchaser has direct recourse
against the borrower, the purchaser may have to rely on the agent to apply appropriate credit remedies against a borrower. If assets held by
the agent for the benefit of a purchaser were determined to be subject to the claims of the agent's general creditors, the purchaser might
incur certain costs and delays in realizing payment on the loan or loan participation and could suffer a loss of principal or interest.

Direct indebtedness may include letters of credit, revolving credit facilities, or other standby financing commitments that obligate
purchasers to make additional cash payments on demand. These commitments may have the effect of requiring a purchaser to increase its
investment in a borrower at a time when it would not otherwise have done so, even if the borrower's condition makes it unlikely that the
amount will ever be repaid.

Each fund limits the amount of total assets that it will invest in any one issuer or in issuers within the same industry (see each fund's
investment limitations). For purposes of these limitations, a fund generally will treat the borrower as the "issuer" of indebtedness held by
the fund. In the case of loan participations where a bank or other lending institution serves as financial intermediary between a fund and
the borrower, if the participation does not shift to the fund the direct debtor-creditor relationship with the borrower, SEC interpretations
require a fund, in appropriate circumstances, to treat both the lending bank or other lending institution and the borrower as "issuers" for
these purposes. Treating a financial intermediary as an issuer of indebtedness may restrict a fund's ability to invest in indebtedness related
to a single financial intermediary, or a group of intermediaries engaged in the same industry, even if the underlying borrowers represent
many different companies and industries.

Lower-Quality Debt Securities. Lower-quality debt securities include all types of debt instruments that have poor protection with
respect to the payment of interest and repayment of principal, or may be in default. These securities are often considered to be speculative
and involve greater risk of loss or price changes due to changes in the issuer's capacity to pay. The market prices of lower-quality debt
securities may fluctuate more than those of higher-quality debt securities and may decline significantly in periods of general economic
difficulty, which may follow periods of rising interest rates.

The market for lower-quality debt securities may be thinner and less active than that for higher-quality debt securities, which can
adversely affect the prices at which the former are sold. Adverse publicity and changing investor perceptions may affect the liquidity of
lower-quality debt securities and the ability of outside pricing services to value lower-quality debt securities.

Because the risk of default is higher for lower-quality debt securities, FMR's research and credit analysis are an especially important
part of managing securities of this type. FMR will attempt to identify those issuers of high-yielding securities whose financial condition is
adequate to meet future obligations, has improved, or is expected to improve in the future. FMR's analysis focuses on relative values
based on such factors as interest or dividend coverage, asset coverage, earnings prospects, and the experience and managerial strength of
the issuer.

A fund may choose, at its expense or in conjunction with others, to pursue litigation or otherwise to exercise its rights as a security
holder to seek to protect the interests of security holders if it determines this to be in the best interest of the fund's shareholders.

Preferred Stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence
over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds
take precedence over the claims of those who own preferred and common stock.

Repurchase Agreements involve an agreement to purchase a security and to sell that security back to the original seller at an agreed-upon price. The resale price reflects the purchase price plus an agreed-upon incremental amount which is unrelated to the coupon rate or
maturity of the purchased security. As protection against the risk that the original seller will not fulfill its obligation, the securities are
held in a separate account at a bank, marked-to-market daily, and maintained at a value at least equal to the sale price plus the accrued
incremental amount. The value of the security purchased may be more or less than the price at which the counterparty has agreed to
purchase the security. In addition, delays or losses could result if the other party to the agreement defaults or becomes insolvent. The
funds will engage in repurchase agreement transactions with parties whose creditworthiness has been reviewed and found satisfactory by
FMR.

Restricted Securities are subject to legal restrictions on their sale. Difficulty in selling securities may result in a loss or be costly to a
fund. Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under
the Securities Act of 1933 (1933 Act), or in a registered public offering. Where registration is required, the holder of a registered security
may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek
registration and the time it may be permitted to sell a security under an effective registration statement. If, during such a period, adverse
market conditions were to develop, the holder might obtain a less favorable price than prevailed when it decided to seek registration of the
security.

Reverse Repurchase Agreements. In a reverse repurchase agreement, a fund sells a security to another party, such as a bank or broker-dealer, in return for cash and agrees to repurchase that security at an agreed-upon price and time. The funds will enter into reverse
repurchase agreements with parties whose creditworthiness has been reviewed and found satisfactory by FMR. Such transactions may
increase fluctuations in the market value of fund assets and may be viewed as a form of leverage.

Securities Lending. A fund may lend securities to parties such as broker-dealers or other institutions, including Fidelity Brokerage
Services LLC (FBS LLC). FBS LLC is a member of the New York Stock Exchange (NYSE) and an indirect subsidiary of FMR LLC.

Securities lending allows a fund to retain ownership of the securities loaned and, at the same time, earn additional income. The borrower provides the fund with collateral in an amount at least equal to the value of the securities loaned. The fund seeks to maintain the
ability to obtain the right to vote or consent on proxy proposals involving material events affecting securities loaned. If the borrower
defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs
in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for foreign securities. If a
fund is not able to recover the securities loaned, a fund may sell the collateral and purchase a replacement investment in the market. The
value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased. Loans will be made only to parties deemed by FMR to be in good standing and when, in FMR's judgment, the income earned
would justify the risks.

Cash received as collateral through loan transactions may be invested in other eligible securities, including shares of a money market
fund. Investing this cash subjects that investment, as well as the securities loaned, to market appreciation or depreciation.

Securities of Other Investment Companies,including shares of closed-end investment companies, unit investment trusts, and
open-end investment companies, represent interests in professionally managed portfolios that may invest in any type of instrument. Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but may
involve additional expenses at the investment company-level, such as portfolio management fees and operating expenses. Certain types
of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange or
over-the-counter at a premium or a discount to their NAV. Others are continuously offered at NAV, but may also be traded in the secondary
market.

The extent to which a fund can invest in securities of other investment companies is limited by federal securities laws.

Short Sales "Against the Box" are short sales of securities that a fund owns or has the right to obtain (equivalent in kind or amount to
the securities sold short). If a fund enters into a short sale against the box, it will be required to set aside securities equivalent in kind and
amount to the securities sold short (or securities convertible or exchangeable into such securities) and will be required to hold such securities while the short sale is outstanding. The fund will incur transaction costs, including interest expenses, in connection with opening,
maintaining, and closing short sales against the box.

Sovereign Debt Obligations are issued or guaranteed by foreign governments or their agencies, including debt of Latin American
nations or other developing countries. Sovereign debt may be in the form of conventional securities or other types of debt instruments
such as loans or loan participations. Sovereign debt of developing countries may involve a high degree of risk, and may be in default or
present the risk of default. Governmental entities responsible for repayment of the debt may be unable or unwilling to repay principal and
pay interest when due, and may require renegotiation or rescheduling of debt payments. In addition, prospects for repayment of principal
and payment of interest may depend on political as well as economic factors. Although some sovereign debt, such as Brady Bonds, is
collateralized by U.S. Government securities, repayment of principal and payment of interest is not guaranteed by the U.S. Government.

Structured Notes are derivative debt securities, the interest rate or principal of which is determined by an unrelated indicator. A
structured note may be positively, negatively or both positively and negatively indexed; that is, its value or interest rate may increase or
decrease if the value of the reference instrument increases. Similarly, its value may increase or decrease if the value of the reference
instrument decreases. Further, the change in the principal amount payable with respect to, or the interest rate of, a structured note may be
a multiple of the percentage change (positive or negative) in the value of the underlying reference instrument(s). Structured or indexed
securities may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional
debt securities.

Temporary Defensive Policies. Each fund reserves the right to invest without limitation in preferred stocks and investment-grade
debt instruments for temporary, defensive purposes.

Transfer Agent Bank Accounts. Proceeds from shareholder purchases of a fund pass through a series of demand deposit bank accounts before being held at the fund's custodian. Redemption proceeds will pass from the custodian to the shareholder through a similar
series of bank accounts.

The bank accounts are registered to the transfer agent or an affiliate, who acts as an agent for the funds when opening, closing and
conducting business in the bank accounts. The transfer agent or an affiliate may invest overnight balances in the accounts in repurchase
agreements. Any balances that are not invested in repurchase agreements remain in the bank accounts overnight. Any risks associated
with these accounts are investment risks of the funds. A fund faces the risk of loss of these balances if the bank becomes insolvent.

Warrants. Warrants are instruments which entitle the holder to buy an equity security at a specific price for a specific period of time.
Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant
may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as
capital loss.

Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in
the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make
warrants more speculative than other types of investments.

Zero Coupon Bonds do not make interest payments; instead, they are sold at a discount from their face value and are redeemed at face
value when they mature. Because zero coupon bonds do not pay current income, their prices can be more volatile than other types of
fixed-income securities when interest rates change. In calculating a fund's dividend, a portion of the difference between a zero coupon
bond's purchase price and its face value is considered income.

SPECIAL CONSIDERATIONS REGARDING CANADA

Political. Canada's parliamentary system of government is, in general, stable. One of the provinces, Quebec, which has a predominantly French-speaking population, does have a "separatist" opposition party whose objective is to achieve sovereignty and increased
self-governing legal and financial powers. To date, referendums on Quebec sovereignty have been defeated, but the issue remains unresolved. In case a referendum about the independence of Quebec were successful, then the Canadian federal government may be obliged
to negotiate with Quebec.

Economic. Canada is a major producer of commodities such as forest products, metals, agricultural products, and energy related
products like oil, gas, and hydroelectricity. Accordingly, changes in the supply and demand of base commodity resources and industrial
and precious metals and materials, both domestically and internationally, can have a significant effect on Canadian market performance.

The United States is Canada's largest trading partner and developments in economic policy and U.S. market conditions do have a
significant impact on the Canadian economy. The expanding economic and financial integration of the United States, Canada, and Mexico through the NAFTA Agreement may make the Canadian economy and securities market more sensitive to North American trade
patterns. Growth in developing nations overseas, particularly China, may change the composition of Canada's trade and foreign investment composition in the near future.

Economic growth has recently slowed down in certain sectors of the Canadian economy. As the current global economic crisis significantly affects the United States economy and weakens global demand for commodities, the Canadian economy is likely to also suffer.

SPECIAL CONSIDERATIONS REGARDING EUROPE

The European Union (EU) is an intergovernmental and supranational union of most Western European countries and a growing number of Eastern European countries, each known as a member state. One of the key activities of the EU is the establishment and administration of a common single market, consisting of, among other things, a single currency and a common trade policy. In order to pursue this
goal, member states established, among other things, the European Economic and Monetary Union (EMU) which sets out different stages
and commitments that member states need to follow to achieve greater economic policy coordination and monetary cooperation, including the adoption of a single currency, the euro. Many member states have adopted, and other member states are generally expected to
eventually adopt, the euro as their single currency. When a member state adopts the euro as its currency, the member state no longer
controls its own monetary policies. Instead, the authority to direct monetary policy is exercised by the European Central Bank. However,
certain countries do not qualify for the euro and thus risk being left behind.

While economic and monetary convergence in the EU may offer new opportunities for those investing in the region, investors should
be aware that the success of the EU is not wholly assured. European countries can be significantly affected by the tight fiscal and monetary controls that the EMU imposes on its members or requires candidates for EMU membership to comply with. Europe must grapple
with a number of challenges, any one of which could threaten the survival of this monumental undertaking. The countries adopting the
euro must adjust to a unified monetary system, the absence of exchange rate flexibility, and the loss of economic sovereignty. Europe's
economies are diverse, its governments are decentralized, and its cultures differ widely. Unemployment in some European countries has
historically been higher than in the United States and could pose political risk. One or more member states might exit the EU, placing its
currency and banking system in jeopardy. Major issues currently facing the EU cover its membership, structure, procedures and policies;
they include the adoption, abandonment or adjustment of the new constitutional treaty, the EU's enlargement to the south and east, and
resolving the EU's problematic fiscal and democratic accountability. Efforts of the member states to continue to unify their economic and
monetary policies may increase the potential for similarities in the movements of European markets and reduce the benefit of diversification within the region.

Political. The EU has been extending its influence to the east. It has accepted several Eastern European countries as new members,
and has plans to accept several more in the medium-term. It is hoped that membership for these states will help cement economic and
political stability. For these countries, membership serves as a strong political impetus to employ tight fiscal and monetary policies.
Nevertheless, new member states which were former Soviet satellites remain burdened to various extents by the inherited inefficiencies
of centrally planned economies similar to what existed under the old Soviet Union. Further expansion of the EU has long-term economic
benefits, but certain European countries are not viewed as currently suitable for membership, especially the troubled economies of countries further east. Also, as the EU continues to enlarge, the candidate countries' accessions may grow more controversial. Some member
states may repudiate certain candidate countries joining the EU upon concerns about the possible economic, immigration, and cultural
implications that may result from such enlargement. The current and future status of the EU therefore continues to be the subject of
political controversy, with widely differing views both within and between member states. For example, a large segment of the population in the United Kingdom may be indifferent or opposed to the EU, while other countries are generally more in favor of European
integration. Also, Russia may be opposed to the expansion of the EU to members of the former Soviet block and may, at times, take
actions which negatively impact EU economic activity.

It is possible that the gap between rich and poor within the EU's member countries, and particularly among new members that have
not met the requirements for joining the EMU may increase, and that realigning traditional alliances could alter trading relationships and
potentially provoke divisive socioeconomic splits.

In the transition to the single economic system, significant political decisions will be made which may affect the market regulation,
subsidization, and privatization across all industries, from agricultural products to telecommunications.

Economic. The EU economy is expected to potentially benefit from long-term growth as more countries join the EU - especially
considering that the new member states are usually poorer than the EU average and could experience faster GDP growth, which could
help achieve the dynamic of the united Europe.

As economic conditions across member states may vary widely, there is continued concern about national-level support for the euro
and the accompanying coordination of fiscal and wage policy among EMU member countries. According to the Maastricht treaty, member countries must maintain tight control over inflation, public debt, and budget deficit in order to qualify for participation in the euro.
These requirements severely limit EMU member countries' ability to implement monetary policy to address regional economic conditions.

The current global economic crisis has brought several small economies in Europe to the brink of bankruptcy and many other economies into recession. The crisis and its impact on European economies may not have fully unfolded. New members of the EU, which are
generally less economically stable, may be more impacted by the current global economic crisis than other members. In response to the
crisis, many countries in Europe have temporarily increased regulation of financial markets and instituted various measures to increase
liquidity. Greater regulation is expected in the near future, although the exact nature and effect of this regulation is unknown.

Currency. Investing in euro-denominated securities entails risk of being exposed to a currency that may not fully reflect the strengths
and weaknesses of the disparate European economies. Many European countries rely heavily upon export-dependent businesses and any
strength in the exchange rate between the euro and the U.S. dollar can have either a positive or a negative effect upon corporate profits and
the performance of EU investments. Recently, the euro was still near historic highs.

Nordic Countries. Faced with stronger global competition, the Nordic countries - Denmark, Finland, Norway, and Sweden - have
had to scale down their historically generous welfare programs, resulting in drops in domestic demand and increased unemployment.
Major industries in the region, such as forestry, agriculture, and oil, are heavily resource-dependent and face pressure as a result of high
labor costs. Pension reform, union regulation, and further cuts in liberal social programs will likely need to be addressed as the Nordic
countries face increased international competition. As the current global economic crisis intensifies, it is likely that the Nordic countries'
economies also will be severely impacted in the near term.

Eastern Europe. Investing in the securities of Eastern European issuers is highly speculative and involves risks not usually associated with investing in the more developed markets of Western Europe. Political and economic reforms are too recent to establish a definite
trend away from centrally planned economies and state-owned industries.

Many Eastern European countries continue to move towards market economies at different paces with appropriately different characteristics. Most Eastern European markets suffer from thin trading activity, dubious investor protections, and often a dearth of reliable
corporate information. Information and transaction costs, differential taxes, and sometimes political or transfer risk give a comparative
advantage to the domestic investor rather than the foreign investor. In addition, these markets are particularly sensitive to social, political, economic, and currency events in Russia and may suffer heavy losses as a result of their trading and investment links to the Russian
economy and currency. Russia also may attempt to assert its influence in the region through economic or even military measures, as it did
with Georgia in the summer of 2008. Eastern European economies may also be particularly susceptible to the international credit market
due to their reliance on bank related inflows of capital. As the current global economic crisis restricts international credit supplies, several
Eastern European economies are facing significant credit and economic crises.

SPECIAL CONSIDERATIONS REGARDING JAPAN

Government-industry cooperation, a strong work ethic, mastery of high technology, emphasis on education, and a comparatively
small defense allocation have helped Japan advance with extraordinary speed to become one of the largest economic powers along with
the United States and the EU. Despite its impressive history, investors face special risks when investing in Japan.

Economic. For three decades from the 1960s through the 1980s, Japan's overall real economic growth had been spectacular. However, growth slowed markedly in the 1990s and Japan's economy fell into a long recession. After a few years of mild recovery in the
mid-2000s, the Japanese economy appears to be falling into another recession as the current global economic crisis spreads. The contraction of Japan's major export markets and the rapid appreciation in the value of the yen have negatively impacted Japan's exports. This
economic recession is likely compounded by Japan's massive government debt, the aging and shrinking of the population, an unstable
financial sector, low domestic consumption, and certain corporate structural weaknesses, which remain some of the major long-term
problems of the Japanese economy.

Overseas trade is important to Japan's economy and Japan's economic growth is significantly driven by its exports. Japan has few
natural resources and must export to pay for its imports of these basic requirements. Meanwhile, Japan's aging and shrinking population
increases the cost of the country's pension and public welfare system and lowers domestic demand, making Japan more dependent on
exports to sustain its economy. Domestic or foreign trade sanctions or other protectionist measures could adversely impact Japan's economy. Japan has experienced earthquakes and tidal waves of varying degrees of severity, and the risks of such phenomena and the resulting
damage continue to exist.

A pressing need to sustain Japan's economic recovery and improve its economic growth is the task of overhauling the nation's financial institutions. Banks, in particular, may have to reform themselves to become more competitive. Successful financial sector reform
would contribute to Japan's economic recovery at home and would benefit other economies in Asia. Internal conflict over the proper way
to reform the banking system exists. Currently, Japanese banks, while possibly less affected by the current global economic crisis than
their Western peers, are facing new difficulties as Japan's economy struggles and corporate bankruptcies increase.

SPECIAL CONSIDERATIONS REGARDING ASIA PACIFIC REGION (EX JAPAN)

Many countries in the region have historically faced political uncertainty, corruption, military intervention, and social unrest. Examples include military threats on the Korean peninsula and along the Taiwan strait, the ethnic, sectarian, and separatist violence found in
Indonesia, and the nuclear arms threats between India and Pakistan. To the extent that such events continue in the future, they can be
expected to have a negative effect on economic and securities market conditions in the region.

Economic. The economies of many countries in the region are heavily dependent on international trade and are accordingly affected
by protective trade barriers and the economic conditions of their trading partners, principally, the U.S., Japan, China, and the European
Union.

The current global economic crisis has spread to the region, significantly lowering its exports and foreign investments in the region,
which are driving forces of its economic growth. Current economic conditions are also significantly affecting consumer confidence and
local stock markets. The governments of many countries in the region have taken steps to fight against the impacts of the global slowdown, but the effects of such efforts are not yet known.

The Republic of Korea (South Korea). Investors should be aware that investing in South Korea involves risks not typically associated with investing in the U.S. securities markets. Although relations between North Korea and South Korea had begun to improve in the
past few years, recent developments are troubling. As a result, these relations still remain tense and the possibility of military action
between the two countries still exists. Corporate and financial sector restructuring initiated by the Korean government, in conjunction
with the IMF, after the 1997-1998 Asian financial crisis can be expected to continue but its full impact cannot be predicted yet. The
Korean economy's reliance on international trade and other Asian economies makes it highly sensitive to fluctuations in international
commodity prices, currency exchange rates and government regulation, and vulnerable to downturns of the world economy. As the current global economic crisis intensifies, the Korean economy could be severely impacted once the effects of the crisis fully unfold. Investing in South Korea also involves the possibility of the imposition of exchange controls, which may include restrictions on the repatriation
of fund investments or on the conversion of local currency into foreign currencies.

China Region. As with all transition economies, China's ability to develop and sustain a credible legal, regulatory, monetary, and
socioeconomic system could influence the course of outside investment. Hong Kong is closely tied to China, economically and through
China's 1997 acquisition of the country as a Special Autonomous Region (SAR). Hong Kong's success depends, in large part, on its
ability to retain the legal, financial, and monetary systems that allow economic freedom and market expansion. Although many Taiwanese companies heavily invest in China, a state of hostility continues to exist between China and Taiwan, which Beijing has long deemed a
part of China and has made a nationalist cause of recovering it. Taiwan's political stability and ability to sustain its economic growth
could be significantly affected by its political and economic relationship with China.

The current global economic crisis has caused a marked slowdown in economic growth in the region, leading the local governments,
especially the Chinese government, to take unprecedented steps to shore up economic growth and prevent widespread unemployment.
The results of these measures are unpredictable, and the full effects of the crisis in the region are as yet unknown.

Southeast Asia. In addition to the risks inherent in investing in the emerging markets, the risks of investing in Southeast Asia merit
special consideration. The region is heavily dependent on exports and is thus particularly vulnerable to any weakening in global demand
for these products. As the current global economic crisis intensifies, the economies of Southeast Asian countries could be severely impacted once the effects of this crisis fully unfold.

Indonesia has restored financial stability and pursued sober fiscal policies since the 1997-1998 Asian financial crisis, but many economic development problems remain, including high unemployment, a fragile banking sector, endemic corruption, inadequate infrastructure, a poor investment climate, and unequal resource distribution among regions. These problems may limit the country's ability to
contain the increasingly severe and negative impact of the current global economic crisis on its economy. In addition, Indonesia continues to be at risk of ethnic, sectarian, and separatist violence. Keys to future growth remain internal reform, peaceful resolution of internal
conflicts, building up the confidence of international and domestic investors, and strong global economic growth. In late December 2004,
a major tsunami took nearly 127,000 lives, left more than 93,000 people missing and nearly 441,000 people displaced, and destroyed $4.5
to $5.0 billion worth of property. The negative effects of the tsunami are still felt today, and similar natural disasters could happen again.
Economic growth of Indonesia has slowed as a result of the current global economic crisis and could be more severely impacted once the
full effects of the crisis fully unfold.

SPECIAL CONSIDERATIONS REGARDING LATIN AMERICA

As an emerging market, Latin America historically suffered from social, political, and economic instability. For investors, this has
meant additional risk caused by periods of regional conflict, political corruption, totalitarianism, protectionist measures, nationalization,
hyperinflation, debt crises, sudden and large currency devaluation, and intervention by the military in civilian and economic spheres.
However, in some Latin American countries, a move to sustainable democracy and a more mature and accountable political environment
is under way. Domestic economies have been deregulated, privatization of state-owned companies is almost completed and foreign trade
restrictions have been relaxed. Nonetheless, to the extent that events such as those listed above continue in the future, they could reverse
favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in
securities markets in the region. In addition, recent favorable economic performance in much of the region has led to a concern regarding
government overspending in certain Latin American countries. Investors in the region continue to face a number of potential risks. Certain Latin American countries depend heavily on exports to the United States. Accordingly, these countries may be sensitive to fluctuations in U.S. demand and changes in U.S. market conditions. The economic growth of most Latin American countries is highly dependent
on commodity exports and the economies of certain Latin American countries, particularly Mexico and Venezuela, are highly dependent
on oil exports. As a result, these economies are particularly susceptible to fluctuations in the price of oil and other commodities. As the
current global economic crisis weakens the global demand for oil and other commodities, Latin American countries are facing significant
economic difficulties that could lead certain countries into recession. In addition, prolonged economic difficulties may have negative
effects on the transition to a more stable democracy in some Latin American countries.

A number of Latin American countries are among the largest debtors of developing countries and have a long history of foreign debt
and default. The majority of the region's economies have become highly dependent upon foreign credit and loans from external sources
to fuel their state-sponsored economic plans. Historically, government profligacy and ill-conceived plans for modernization have exhausted these resources with little benefit accruing to the economy. Most countries have been forced to restructure their loans or risk
default on their debt obligations. In addition, interest on the debt is subject to market conditions and may reach levels that would impair
economic activity and create a difficult and costly environment for borrowers. Accordingly, these governments may be forced to reschedule or freeze their debt repayment, which could negatively affect local markets. Because of their dependence on foreign credit and loans,
a number of Latin American economies may face significant economic difficulties and some economies could fall into recession as the
current global economic crisis tightens international credit supplies.

SPECIAL CONSIDERATIONS REGARDING EMERGING MARKETS

Investing in companies domiciled in emerging market countries may be subject to potentially higher risks than investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity and price volatility due to
smaller or limited local capital markets for such securities, or low or non-existent trading volumes; (iii) foreign exchanges and broker-dealers may be subject to less scrutiny and regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors and/or local governments may decide to suspend or limit an issuer's ability to make dividend or interest
payments; (v) local governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains
may be subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on dollar or euro payments imposed by
local governments may attempt to make dividend or interest payments to foreign investors in the local currency; (viii) investors may
experience difficulty in enforcing legal claims related to the securities and/or local judges may favor the interests of the issuer over those
of foreign investors; (ix) bankruptcy judgments may only be permitted to be paid in the local currency; (x) limited public information
regarding the issuer may result in greater difficulty in determining market valuations of the securities, and (xi) lax financial reporting on a
regular basis, substandard disclosure, and differences in accounting standards may make it difficult to ascertain the financial health of an
issuer. In addition, unlike developed countries, many emerging countries' economic growth highly depends on exports and inflows of
external capital, making them more vulnerable to the downturns of the world economy. As the current global economic crisis weakens the
global demand for their exports and tightens international credit supplies, many emerging countries are facing significant economic
difficulties and some countries are falling into recession.

SPECIAL CONSIDERATIONS REGARDING RUSSIA

Investing in Russian securities is highly speculative and involves significant risks and special considerations not typically associated
with investing in the securities markets of the U.S. and most other developed countries.

Political. Over the past century, Russia has experienced political and economic turbulence and has endured decades of communist
rule under which tens of millions of its citizens were collectivized into state agricultural and industrial enterprises. Since the collapse of
the Soviet Union, Russia's government has been faced with the daunting task of stabilizing its domestic economy, while transforming it
into a modern and efficient structure able to compete in international markets and respond to the needs of its citizens. However, to date,
many of the country's economic reform initiatives have floundered as the proceeds of IMF and other economic assistance have been
squandered or stolen. In this environment, there is always the risk that the nation's government will abandon the current program of
economic and political reform and replace it with radically different political and economic policies that would be detrimental to the
interests of foreign and private investors.

In the last few years, as significant income from oil and commodity exports has boosted Russia's economy, Russia's government has
begun to make bolder steps to re-assert its regional geopolitical influence (including military steps). Such steps may increase tensions
between Russia and its neighbors and Western countries and may negatively affect economic growth.

Economic. Many of Russia's businesses have failed to mobilize the available factors of production because the country's privatization program virtually ensured the predominance of the old management teams that are largely non-market-oriented in their management
approach. Poor accounting standards, inept management, pervasive corruption, insider trading and crime, and inadequate regulatory
protection for the rights of investors all pose a significant risk, particularly to foreign investors. In addition, there is the risk that the
Russian tax system will not be reformed to prevent inconsistent, retroactive, and/or exorbitant taxation, or, in the alternative, the risk that
a reformed tax system may result in the inconsistent and unpredictable enforcement of the new tax laws.

Compared to most national stock markets, the Russian securities market suffers from a variety of problems not encountered in more
developed markets. There is little long-term historical data on the Russian securities market because it is relatively new and a substantial
proportion of securities transactions in Russia are privately negotiated outside of stock exchanges. The inexperience of the Russian securities market and the limited volume of trading in securities in the market may make obtaining accurate prices on portfolio securities from
independent sources more difficult than in more developed markets. Additionally, there is little solid corporate information available to
investors. As a result, it may be difficult to assess the value or prospects of an investment in Russian companies.

Because of the recent formation of the Russian securities market as well as the underdeveloped state of the banking and telecommunications systems, settlement, clearing and registration of securities transactions are subject to significant risks. Ownership of shares
(except where shares are held through depositories that meet the requirements of the 1940 Act) is defined according to entries in the
company's share register and normally evidenced by extracts from the register or by formal share certificates. However, there is no central registration system for shareholders and these services are carried out by the companies themselves or by registrars located throughout Russia. These registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity
and it is possible for a fund to lose its registration through fraud, negligence, or even mere oversight. While a fund will endeavor to ensure
that its interest continues to be appropriately recorded either itself or through a custodian or other agent inspecting the share register and
by obtaining extracts of share registers through regular confirmations, these extracts have no legal enforceability and it is possible that
subsequent illegal amendment or other fraudulent act may deprive a fund of its ownership rights or improperly dilute its interests. In
addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a
fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. Furthermore,
significant delays or problems may occur in registering the transfer of securities, which could cause a fund to incur losses due to a counterparty's failure to pay for securities the fund has delivered or the fund's inability to complete its contractual obligations because of theft
or other reasons.

The Russian economy is heavily dependent upon the export of a range of commodities including most industrial metals, forestry
products, oil, and gas. Accordingly, it is strongly affected by international commodity prices and is particularly vulnerable to any weakening in global demand for these products. As the current global economic crisis causes the commodity prices, especially the price of oil,
to tumble, many sectors in the Russian economy have fallen into turmoil, threatening to push the whole economy into significant slowdown and even recession. Turmoil in the stock markets are forcing the Russian authority to frequently suspend trading on the Russian
Trading System, which causes certain concerns about the liquidity of the Russian stock markets.

Currency. Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available
currency hedging instruments. In a surprise move in August 1998, Russia devalued the ruble, defaulted on short-term domestic bonds,
and imposed a moratorium on the repayment of its international debt and the restructuring of the repayment terms. These actions have
negatively affected Russian borrowers' ability to access international capital markets and have had a damaging impact on the Russian
economy. In light of these and other government actions, foreign investors could face the possibility of further devaluations. In addition,
there is the risk the government may impose capital controls on foreign portfolio investments in the event of extreme financial or political
crisis. Such capital controls would prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.
Such risks have led to heightened scrutiny of Russian liquidity conditions, which in turn creates a heightened risk of the repatriation of
ruble assets by nervous foreign investors. The current economic turmoil in Russia and the effects on the current global economic crisis on
the Russian economy can cause flight from the Russian ruble into United States dollars and other currencies and can force the Russian
central bank to spend reserves to maintain the value of the ruble. If the Russian central bank falters in its defense of the ruble, there could
be additional pressure on Russia's banks and its currency.

SPECIAL CONSIDERATIONS REGARDING THE MIDDLE EAST AND AFRICA

Investing in Middle Eastern and African securities is highly speculative and involves significant risks and special considerations not
typically associated with investing in the securities markets of the U.S. and most other developed countries.

Political. Many Middle Eastern and African countries historically have suffered from political instability. Despite a growing trend
towards democratization, especially in Africa, significant political risks continue to affect some Middle Eastern and African countries.
These risks may include substantial government control over the private sector, corrupt leaders, civil unrest, suppression of opposition
parties that can lead to further dissidence and militancy, fixed elections, terrorism, coups, and war.

Economic.Middle Eastern and African countries historically have suffered from economic instability. Certain Middle Eastern and
African markets may face a higher concentration of market capitalization, greater illiquidity and greater price volatility than that found in
more developed markets of Western Europe or the United States. The volatility may be exacerbated by this greater illiquidity. Despite a
growing trend towards economic diversification, many Middle Eastern and African economies remain heavily dependent upon a limited
range of commodities. These include gold, silver, copper, cocoa, diamonds, natural gas and petroleum. These economies are greatly
affected by international commodity prices and are particularly vulnerable to any weakening in global demand for these products. As the
current global economic crisis weakens the global demand for oil, gas, and other commodities, causing prices of oil, gas, and other commodities to fall, some countries in the region are facing significant economic difficulties and many countries could be forced to scale
down their infrastructure development and the size of their public welfare systems, which could have long-term economic, social, and
political implications.

Currency. Certain Middle Eastern and African countries have currencies pegged to the U.S. dollar or Euro, rather than at levels determined by market forces. This type of currency regime may experience sudden and significant currency adjustments, which may adversely impact investment returns.

PORTFOLIO TRANSACTIONS

All orders for the purchase or sale of portfolio securities are placed on behalf of each fund by FMR pursuant to authority contained in
the management contract. FMR may also be responsible for the placement of portfolio transactions for other investment companies and
investment accounts for which it has or its affiliates have investment discretion. If FMR grants investment management authority to a
sub-adviser (see the section entitled "Management Contracts"), that sub-adviser is authorized to provide the services described in the
sub-advisory agreement, and in accordance with the policies described in this section.

Purchases and sales of equity securities on a securities exchange or OTC are effected through brokers who receive compensation for
their services. Generally, compensation relating to securities traded on foreign exchanges will be higher than compensation relating to
securities traded on U.S. exchanges and may not be subject to negotiation. Compensation may also be paid in connection with principal
transactions (in both OTC securities and securities listed on an exchange) and agency OTC transactions executed with an electronic
communications network (ECN) or an alternative trading system. Equity securities may be purchased from underwriters at prices that
include underwriting fees.

Purchases and sales of fixed-income securities are generally made with an issuer or a primary market-maker acting as principal. Although there is no stated brokerage commission paid by the fund for any fixed-income security, the price paid by the fund to an underwriter includes the disclosed underwriting fee and prices in secondary trades usually include an undisclosed dealer commission or markup
reflecting the spread between the bid and ask prices of the fixed-income security.

The Trustees of each fund periodically review FMR's performance of its responsibilities in connection with the placement of portfolio
transactions on behalf of the fund. The Trustees also review the compensation paid by the fund over representative periods of time to
determine if it was reasonable in relation to the benefits to the fund.

The Selection of Brokers

In selecting brokers or dealers (including affiliates of FMR) to execute each fund's portfolio transactions, FMR considers factors
deemed relevant in the context of a particular trade and in regard to FMR's overall responsibilities with respect to each fund and other
investment accounts, including any instructions from each fund's portfolio manager, which may emphasize, for example, speed of execution over other factors. The factors considered will influence whether it is appropriate to execute an order using ECNs, electronic
channels including algorithmic trading, or by actively working an order. Other factors deemed relevant may include, but are not limited
to: price; the size and type of the transaction; the reasonableness of compensation to be paid, including spreads and commission rates; the
speed and certainty of trade executions, including broker willingness to commit capital; the nature and characteristics of the markets for
the security to be purchased or sold, including the degree of specialization of the broker in such markets or securities; the availability of
liquidity in the security, including the liquidity and depth afforded by a market center or market-maker; the reliability of a market center
or broker; the broker's overall trading relationship with FMR; the trader's assessment of whether and how closely the broker likely will
follow the trader's instructions to the broker; the degree of anonymity that a particular broker or market can provide; the potential for
avoiding market impact; the execution services rendered on a continuing basis; the execution efficiency, settlement capability, and financial condition of the firm; arrangements for payment of fund expenses, if applicable; and the provision of additional brokerage and research products and services, if applicable. In seeking best qualitative execution, FMR may select a broker using a trading method for
which the broker may charge a higher commission than its lowest available commission rate. FMR also may select a broker that charges
more than the lowest available commission rate available from another broker. For futures transactions, the selection of an FCM is generally based on the overall quality of execution and other services provided by the FCM.

The Acquisition of Brokerage and Research Products and Services

Brokers (who are not affiliates of FMR) that execute transactions for each fund may receive higher compensation from each fund than
other brokers might have charged each fund, in recognition of the value of the brokerage or research products and services they provide to
FMR or its affiliates.

Research Products and Services. These products and services may include: economic, industry, company, municipal, sovereign
(U.S. and non-U.S.), legal, or political research reports; market color; company meeting facilitation; compilation of securities prices,
earnings, dividends and similar data; quotation services, data, information and other services; analytical computer software and services;
and investment recommendations. FMR may request that a broker provide a specific proprietary or third-party product or service. Some
of these products and services supplement FMR's own research activities in providing investment advice to the funds.

Execution Services. In addition, products and services may include those that assist in the execution, clearing, and settlement of
securities transactions, as well as other incidental functions (including but not limited to communication services related to trade execution, order routing and algorithmic trading, post-trade matching, exchange of messages among brokers or dealers, custodians and institutions, and the use of electronic confirmation and affirmation of institutional trades).

Mixed-Use Products and Services. In addition to receiving brokerage and research products and services via written reports and
computer-delivered services, such reports may also be provided by telephone and in personal meetings with securities analysts, corporate
and industry spokespersons, economists, academicians and government representatives and others with relevant professional expertise.
FMR and its affiliates may use commission dollars to obtain certain products or services that are not used exclusively in FMR's or its
affiliates' investment decision-making process (mixed-use products or services). In those circumstances, FMR or its affiliates will make
a good faith judgment to evaluate the various benefits and uses to which they intend to put the mixed-use product or service, and will pay
for that portion of the mixed-use product or service that does not qualify as brokerage and research products and services with their own
resources (referred to as "hard dollars").

Benefit to FMR. FMR's expenses would likely be increased if it attempted to generate these additional products and services through
its own efforts, or if it paid for these products or services itself. Certain of the brokerage and research products and services FMR receives
from brokers are furnished by brokers on their own initiative, either in connection with a particular transaction or as part of their overall
services. Some of these products or services may not have an explicit cost associated with such product or service.

FMR's Decision-Making Process. Before causing a fund to pay a particular level of compensation, FMR will make a good faith
determination that the compensation is reasonable in relation to the value of the brokerage and/or research products and services provided to FMR, viewed in terms of the particular transaction for a fund or FMR's overall responsibilities to a fund or other investment
companies and investment accounts. While FMR may take into account the brokerage and/or research products and services provided by
a broker in determining whether compensation paid is reasonable, neither FMR nor the funds incur an obligation to any broker, dealer, or
third party to pay for any product or service (or portion thereof) by generating a specific amount of compensation or otherwise. Typically,
these products and services assist FMR and its affiliates in terms of its overall investment responsibilities to a fund and other investment
companies and investment accounts; however, each product or service received may not benefit the fund. Certain funds or investment
accounts may use brokerage commissions to acquire brokerage and research products and services that may also benefit other funds or
accounts managed by FMR or its affiliates.

Research Contracts. FMR has arrangements with certain third-party research providers and brokers through whom FMR effects
fund trades, whereby FMR may pay with fund commissions or hard dollars for all or a portion of the cost of research products and services
purchased from such research providers or brokers. If hard dollar payments are used, FMR may still cause a fund to pay more for execution than the lowest commission rate available from the broker providing research products and services to FMR, or that may be available
from another broker. FMR views hard dollar payments for research products and services as likely to reduce a fund's total commission
costs even though it is expected that in such hard dollar arrangements the commissions available for recapture and to pay fund expenses,
as described below, will decrease. FMR's determination to pay for research products and services separately, rather than bundled with
fund commissions, is wholly voluntary on FMR's part and may be extended to additional brokers or discontinued with any broker participating in this arrangement.

Commission Recapture

FMR may allocate brokerage transactions to brokers (who are not affiliates of FMR) who have entered into arrangements with FMR
under which the broker, using a predetermined methodology, rebates a portion of the compensation paid by a fund to offset that fund's
expenses, which may be paid to FMR or its affiliates. Not all brokers with whom a fund trades have agreed to participate in brokerage
commission recapture.

Affiliated Transactions

FMR may place trades with certain brokers, including National Financial Services LLC (NFS), with whom it is under common control provided FMR determines that these affiliates' trade execution abilities and costs are comparable to those of non-affiliated, qualified
brokerage firms.

The Trustees of each fund have approved procedures whereby a fund may purchase securities that are offered in underwritings in
which an affiliate of FMR participates. In addition, for underwritings where an FMR affiliate participates as a principal underwriter,
certain restrictions may apply that could, among other things, limit the amount of securities that the funds could purchase in the underwritings.

Trade Allocation

Although the Trustees and officers of each fund are substantially the same as those of other funds managed by FMR or its affiliates,
investment decisions for each fund are made independently from those of other funds or investment accounts (including proprietary
accounts) managed by FMR or its affiliates. The same security is often held in the portfolio of more than one of these funds or investment
accounts. Simultaneous transactions are inevitable when several funds and investment accounts are managed by the same investment
adviser, particularly when the same security is suitable for the investment objective of more than one fund or investment account.

When two or more funds or investment accounts are simultaneously engaged in the purchase or sale of the same security, including a
futures contract, the prices and amounts are allocated in accordance with procedures believed by FMR to be appropriate and equitable to
each fund or investment account. In some cases adherence to these procedures could have a detrimental effect on the price or value of the
security as far as each fund is concerned. In other cases, however, the ability of the funds to participate in volume transactions will produce better executions and prices for the funds.

Commissions Paid

A fund may pay compensation including both commissions and spreads in connection with the placement of portfolio transactions.
The amount of brokerage commissions paid by a fund may change from year to year because of, among other things, changing asset
levels, shareholder activity, and/or portfolio turnover.

VALUATION

Each class's NAV is the value of a single share. The NAV of each class is computed by adding the class's pro rata share of the value of
the applicable fund's investments, cash, and other assets, subtracting the class's pro rata share of the applicable fund's liabilities, subtracting the liabilities allocated to the class, and dividing the result by the number of shares of that class that are outstanding.

Portfolio securities are valued by various methods depending on the primary market or exchange on which they trade. Most equity
securities for which the primary market is the United States are valued at the official closing price, last sale price or, if no sale has occurred, at the closing bid price. Most equity securities for which the primary market is outside the United States are valued using the
official closing price or the last sale price in the principal market in which they are traded. If the last sale price (on the local exchange) is
unavailable, the last evaluated quote or closing bid price normally is used. Securities of other open-end investment companies are valued
at their respective NAVs.

Debt securities and other assets for which market quotations are readily available may be valued at market values determined by such
securities' most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which they normally are
traded, as furnished by recognized dealers in such securities or assets. Or, debt securities and convertible securities may be valued on the
basis of information furnished by a pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and
electronic data processing techniques. Use of pricing services has been approved by the Board of Trustees. A number of pricing services
are available, and the funds may use various pricing services or discontinue the use of any pricing service.

Futures contracts and options are valued on the basis of market quotations, if available.

Independent brokers or quotation services provide prices of foreign securities in their local currency. Fidelity Service Company, Inc.
(FSC) gathers all exchange rates daily at the close of the NYSE using the last quoted price on the local currency and then translates the
value of foreign securities from their local currencies into U.S. dollars. Any changes in the value of forward contracts due to exchange
rate fluctuations and days to maturity are included in the calculation of NAV. If an event that is expected to materially affect the value of a
portfolio security occurs after the close of an exchange or market on which that security is traded, then that security will be valued in good
faith by a committee appointed by the Board of Trustees.

Short-term securities with remaining maturities of sixty days or less for which market quotations and information furnished by a
pricing service are not readily available are valued either at amortized cost or at original cost plus accrued interest, both of which approximate current value.

The procedures set forth above need not be used to determine the value of the securities owned by a fund if, in the opinion of a committee appointed by the Board of Trustees, some other method would more accurately reflect the fair value of such securities. For example,
securities and other assets for which there is no readily available market value may be valued in good faith by a committee appointed by
the Board of Trustees. In making a good faith determination of the value of a security, the committee may review price movements in
futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading.

BUYING AND SELLING INFORMATION

A fund may make redemption payments in whole or in part in readily marketable securities or other property pursuant to procedures
approved by the Trustees if FMR determines it is in the best interests of the fund. Such securities or other property will be valued for this
purpose as they are valued in computing each class's NAV. Shareholders that receive securities or other property will realize, upon receipt, a gain or loss for tax purposes, and will incur additional costs and be exposed to market risk prior to and upon sale of such securities
or other property.

Each fund, in its discretion, may determine to issue its shares in kind in exchange for securities held by the purchaser having a value,
determined in accordance with the fund's policies for valuation of portfolio securities, equal to the purchase price of the fund shares
issued. A fund will accept for in-kind purchases only securities or other instruments that are appropriate under its investment objective
and policies. In addition, a fund generally will not accept securities of any issuer unless they are liquid, have a readily ascertainable
market value, and are not subject to restrictions on resale. All dividends, distributions, and subscription or other rights associated with the
securities become the property of the fund, along with the securities. Shares purchased in exchange for securities in kind generally cannot
be redeemed for fifteen days following the exchange to allow time for the transfer to settle.

DISTRIBUTIONS AND TAXES

Dividends. Because each fund invests significantly in foreign securities, corporate shareholders should not expect fund dividends to
qualify for the dividends-received deduction. However, a portion of the fund's dividends, when distributed to individual shareholders,
may qualify for taxation at long-term capital gains rates (provided certain holding period requirements are met). Short-term capital gains
are taxable at ordinary income tax rates.

Capital Gain Distributions. Each fund's long-term capital gain distributions are federally taxable to shareholders generally as capital gains.

Returns of Capital. If a fund's distributions exceed its taxable income and capital gains realized during a taxable year, all or a portion
of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the fund and result in a higher reported capital gain
or lower reported capital loss when those shares on which the distribution was received are sold.

Foreign Tax Credit or Deduction. Foreign governments may withhold taxes on dividends and interest earned by a fund with respect
to foreign securities. Foreign governments may also impose taxes on other payments or gains with respect to foreign securities. If, at the
close of its fiscal year, more than 50% of a fund's total assets is invested in securities of foreign issuers, the fund may elect to pass through
eligible foreign taxes paid and thereby allow shareholders to take a deduction or, if they meet certain holding period requirements with
respect to fund shares, a credit on their individual tax returns. Special rules may apply to the credit for individuals who receive dividends
qualifying for the long-term capital gains tax rate.

Tax Status of the Funds. Each fund intends to qualify each year as a "regulated investment company" under Subchapter M of the
Internal Revenue Code so that it will not be liable for federal tax on income and capital gains distributed to shareholders. In order to
qualify as a regulated investment company, and avoid being subject to federal income or excise taxes at the fund level, each fund intends
to distribute substantially all of its net investment income and net realized capital gains within each calendar year as well as on a fiscal
year basis, and intends to comply with other tax rules applicable to regulated investment companies.

Other Tax Information. The information above is only a summary of some of the tax consequences generally affecting each fund and
its shareholders, and no attempt has been made to discuss individual tax consequences. It is up to you or your tax preparer to determine
whether the sale of shares of a fund resulted in a capital gain or loss or other tax consequence to you. In addition to federal income taxes,
shareholders may be subject to state and local taxes on fund distributions, and shares may be subject to state and local personal property
taxes. Investors should consult their tax advisers to determine whether a fund is suitable to their particular tax situation.

TRUSTEES AND OFFICERS

The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board
of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives
who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, and review each fund's performance. Except for Edward C. Johnson 3d and James C. Curvey, each of the
Trustees oversees 220 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 370 and 392 funds, respectively, advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written
instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who
has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any
Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each
Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the
calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with
respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any
officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any
special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for
the past five years.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street,
Boston, Massachusetts 02109.

|Name, Age; Principal Occupation
|-------------------------------
|Edward C. Johnson 3d (79)      
|                               
|James C. Curvey (74)           
|                               

*	Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various
entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity
Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

|Name, Age; Principal Occupation
|-------------------------------
|Dennis J. Dirks (61)           
|                               
|Alan J. Lacy (56)              
|                               
|Ned C. Lautenbach (65)         
|                               
|Joseph Mauriello (65)          
|                               
|Cornelia M. Small (65)         
|                               
|William S. Stavropoulos (70)   
|                               
|David M. Thomas (60)           
|                               
|Michael E. Wiley (59)          
|                               

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

|Name, Age; Principal Occupation
|-------------------------------
|Peter S. Lynch (65)            
|                               
|Kenneth B. Robins (40)         
|                               
|Brian B. Hogan (45)            
|                               
|Eric M. Wetlaufer (47)         
|                               
|Scott C. Goebel (41)           
|                               
|William C. Coffey (40)         
|                               
|Holly C. Laurent (55)          
|                               
|Christine Reynolds (51)        
|                               
|Kenneth A. Rathgeber (62)      
|                               
|Jeffrey S. Christian (47)      
|                               
|Bryan A. Mehrmann (48)         
|                               
|Adrien E. Deberghes (42)       
|                               
|John R. Hebble (51)            
|                               
|Paul M. Murphy (62)            
|                               
|Gary W. Ryan (51)              
|                               

Standing Committees of the Funds' Trustees. The Board of Trustees has established various committees to support the Independent Trustees in acting independently in pursuing the best interests of the funds and their shareholders. The committees facilitate
the timely and efficient consideration of all matters of importance to Independent Trustees, each fund, and fund shareholders and
facilitate compliance with legal and regulatory requirements. Currently, the Board of Trustees has nine standing committees. The
members of each committee are Independent Trustees.

The Operations Committee is composed of all of the Independent Trustees, with Mr. Lautenbach currently serving as Chair. The
committee normally meets eight times a year, or more frequently as called by the Chair, and serves as a forum for consideration of
issues of importance to, or calling for particular determinations by, the Independent Trustees. The committee also considers matters
involving potential conflicts of interest between the funds and FMR and its affiliates and reviews proposed contracts and the proposed continuation of contracts between the funds and FMR and its affiliates, and annually reviews and makes recommendations
regarding contracts with third parties unaffiliated with FMR, including insurance coverage and custody agreements. The committee
also monitors additional issues including the nature, levels and quality of services provided to shareholders and significant litigation. The committee also has oversight of compliance issues not specifically within the scope of any other committee. The committee is also responsible for definitive action on all compliance matters involving the potential for significant reimbursement by FMR.
During the fiscal year ended October 31, 2008, the committee held 11 meetings.

The Fair Value Oversight Committee is composed of all of the Independent Trustees, with Mr. Lautenbach currently serving as
Chair. The committee normally meets quarterly, or more frequently as called by the Chair. The Fair Value Oversight Committee
monitors and establishes policies concerning procedures and controls regarding the valuation of fund investments and monitors matters of disclosure to the extent required to fulfill its statutory responsibilities. The committee also reviews actions taken by FMR's
Fair Value Committee. During the fiscal year ended October 31, 2008, the committee held five meetings.

The Board of Trustees has established two Fund Oversight Committees: the Equity I Committee (composed of Ms. Small
(Chair), and Messrs. Dirks, Lacy, and Wiley) and the Equity II Committee (composed of Messrs. Stavropoulos (Chair), Lautenbach,
Mauriello, and Thomas). Each committee normally meets in conjunction with in-person meetings of the Board of Trustees, or more
frequently as called by the Chair of the respective committee. Each committee develops an understanding of and reviews the investment objectives, policies, and practices of each fund under its oversight. Each committee also monitors investment performance,
compliance by each relevant fund with its investment policies and restrictions and reviews appropriate benchmarks, competitive
universes, unusual or exceptional investment matters, the personnel and other resources devoted to the management of each fund
and all other matters bearing on each fund's investment results. Each committee will review and recommend any required action to
the Board in respect of specific funds, including new funds, changes in fundamental and non-fundamental investment policies and
restrictions, partial or full closing to new investors, fund mergers, fund name changes, and liquidations of funds. The members of
each committee may organize working groups to make recommendations concerning issues related to funds that are within the
scope of the committee's review. These working groups report to the committee or to the Independent Trustees, or both, as appropriate. Each working group may request from FMR such information from FMR as may be appropriate to the working group's deliberations. During the fiscal year ended October 31, 2008, the Equity I Committee held seven meetings and the Equity II Committee
held 10 meetings.

The Shareholder, Distribution and Brokerage Committee is composed of Messrs. Dirks (Chair), Stavropoulos, and Thomas. The
committee normally meets eight times a year, or more frequently as called by the Chair. Regarding shareholder services, the committee considers the structure and amount of the funds' transfer agency fees and fees, including direct fees to investors (other than
sales loads), such as bookkeeping and custodial fees, and the nature and quality of services rendered by FMR and its affiliates or
third parties (such as custodians) in consideration of these fees. The committee also considers other non-investment management
services rendered to the funds by FMR and its affiliates, including pricing and bookkeeping services. Regarding brokerage, the
committee monitors and recommends policies concerning the securities transactions of the funds. The committee periodically reviews the policies and practices with respect to efforts to achieve best execution, commissions paid to firms supplying research and
brokerage services or paying fund expenses, and policies and procedures designed to assure that any allocation of portfolio transactions is not influenced by the sale of fund shares. The committee also monitors brokerage and other similar relationships between
the funds and firms affiliated with FMR that participate in the execution of securities transactions. Regarding the distribution of
fund shares, the committee considers issues bearing on the various distribution channels employed by the funds, including issues
regarding Rule 18f-3 plans and related consideration of classes of shares, sales load structures (including breakpoints), load waivers,
selling concessions and service charges paid to intermediaries, Rule 12b-1 plans, contingent deferred sales charges, and finder's
fees, and other means by which intermediaries are compensated for selling fund shares or providing shareholder servicing, including
revenue sharing. The committee also considers issues bearing on the preparation and use of advertisements and sales literature for
the funds, policies and procedures regarding frequent purchase of fund shares, and selective disclosure of portfolio holdings. During
the fiscal year endedOctober 31, 2008, the Shareholder, Distribution and Brokerage Committee held 11 meetings.

The Audit Committee is composed of Messrs. Mauriello (Chair), Lacy, and Wiley. All committee members must be able to read
and understand fundamental financial statements, including a company's balance sheet, income statement, and cash flow statement.
At least one committee member will be an "audit committee financial expert" as defined by the SEC. The committee will have at
least one committee member in common with the Compliance Committee. The committee normally meets four times a year, or
more frequently as called by the Chair. The committee meets separately at least annuallywith the funds' Treasurer, with the funds'
Chief Financial Officer (CFO), with personnel responsible for the internal audit function of FMR LLC, and with the funds' outside
auditors. The committee has direct responsibility for the appointment, compensation, and oversight of the work of the outside auditors employed by the funds. The committee assists the Trustees in overseeing and monitoring: (i) the systems of internal accounting
and financial controls of the funds and the funds' service providers, (to the extent such controls impact the funds' financial statements); (ii) the funds' auditors and the annual audits of the funds' financial statements; (iii) the financial reporting processes of the
funds; (iv) whistleblower reports; and (v) the accounting policies and disclosures of the funds. The committee considers and acts
upon (i) the provision by any outside auditor of any non-audit services for any fund, and (ii) the provision by any outside auditor of
certain non-audit services to fund service providers and their affiliates to the extent that such approval (in the case of this clause (ii))
is required under applicable regulations of the SEC. In furtherance of the foregoing, the committee has adopted (and may from time
to time amend or supplement) and provides oversight of policies and procedures for non-audit engagements by outside auditors of
the funds. It is responsible for approving all audit engagement fees and terms for the funds and for resolving disagreements between
a fund and any outside auditor regarding any fund's financial reporting. Auditors of the funds report directly to the committee. The
committee will obtain assurance of independence and objectivity from the outside auditors, including a formal written statement
delineating all relationships between the auditor and the funds and any service providers consistent with the rules of the Public
Company Accounting Oversight Board. The committee will receive reports of compliance with provisions of the Auditor Independence Regulations relating to the hiring of employees or former employees of the outside auditors. It oversees and receives reports
on the funds' service providers' internal controls and reviews the adequacy and effectiveness of the service providers' accounting
and financial controls, including: (i) any significant deficiencies or material weaknesses in the design or operation of internal controls over financial reporting that are reasonably likely to adversely affect the funds' ability to record, process, summarize, and report financial data; (ii) any change in the fund's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the fund's internal control over financial reporting; and (iii) any fraud, whether material or not, that
involves management or other employees who have a significant role in the funds' or service providers internal controls over financial reporting. The committee will also review any correspondence with regulators or governmental agencies or published reports
that raise material issues regarding the funds' financial statements or accounting policies. These matters may also be reviewed by
the Compliance Committee or the Operations Committee. The Chair of the Audit Committee will coordinate with the Chair of the
Compliance Committee, as appropriate. The committee reviews at least annually a report from each outside auditor describing any
material issues raised by the most recent internal quality control, peer review, or Public Company Accounting Oversight Board examination of the auditing firm and any material issues raised by any inquiry or investigation by governmental or professional authorities of the auditing firm and in each case any steps taken to deal with such issues. The committee will oversee and receive reports on the funds' financial reporting process, will discuss with FMR, the funds' Treasurer, outside auditors and, if appropriate,
internal audit personnel of FMR LLC, their qualitative judgments about the appropriateness and acceptability of accounting principles and financial disclosure practices used or proposed for adoption by the funds. The committee will review with FMR, the
funds' Treasurer, outside auditor, and internal audit personnel of FMR LLC and, as appropriate, legal counsel the results of audits of
the funds' financial statements. The committee will review periodically the funds' major internal controls exposures and the steps
that have been taken to monitor and control such exposures. During the fiscal year ended October 31, 2008, the committee held 10
meetings.

The Governance and Nominating Committee is composed of Messrs. Lautenbach (Chair) and Stavropoulos. The committee
meets as called by the Chair. With respect to fund governance and board administration matters, the committee periodically reviews
procedures of the Board of Trustees and its committees (including committee charters) and periodically reviews compensation of
Independent Trustees. The committee monitors corporate governance matters and makes recommendations to the Board of Trustees
on the frequency and structure of the Board of Trustee meetings and on any other aspect of Board procedures. It acts as the administrative committee under the retirement plan for Independent Trustees who retired prior to December 30, 1996 and under the fee deferral plan for Independent Trustees. It reviews the performance of legal counsel employed by the funds and the Independent Trustees. On behalf of the Independent Trustees, the committee will make such findings and determinations as to the independence of
counsel for the Independent Trustees as may be necessary or appropriate under applicable regulations or otherwise. The committee
is also responsible for Board administrative matters applicable to Independent Trustees, such as expense reimbursement policies and
compensation for attendance at meetings, conferences and other events. The committee monitors compliance with, acts as the administrator of, and makes determinations in respect of, the provisions of the code of ethics and any supplemental policies regarding
personal securities transactions applicable to the Independent Trustees. The committee monitors the functioning of each Board committee and makes recommendations for any changes, including the creation or elimination of standing or ad hoc Board committees.
The committee monitors regulatory and other developments to determine whether to recommend modifications to the committee's
responsibilities or other Trustee policies and procedures in light of rule changes, reports concerning "best practices" in corporate
governance and other developments in mutual fund governance. The committee meets with Independent Trustees at least once a
year to discuss matters relating to fund governance. The committee recommends that the Board establish such special or ad hoc
Board committees as may be desirable or necessary from time to time in order to address ethical, legal, or other matters that may
arise. The committee also oversees the annual self-evaluation of the Board of Trustees and establishes procedures to allow it to exercise this oversight function. In conducting this oversight, the committee shall address all matters that it considers relevant to the
performance of the Board of Trustees and shall report the results of its evaluation to the Board of Trustees, including any recommended amendments to the principles of governance, and any recommended changes to the funds' or the Board of Trustees' policies, procedures, and structures. The committee reviews periodically the size and composition of the Board of Trustees as a whole
and recommends, if necessary, measures to be taken so that the Board of Trustees reflects the appropriate balance of knowledge,
experience, skills, expertise, and diversity required for the Board as a whole and contains at least the minimum number of Independent Trustees required by law. The committee makes nominations for the election or appointment of Independent Trustees and non-management Members of any Advisory Board, and for membership on committees. The committee shall have authority to retain
and terminate any third-party advisers, including authority to approve fees and other retention terms. Such advisers may include
search firms to identify Independent Trustee candidates and board compensation consultants. The committee may conduct or authorize investigations into or studies of matters within the committee's scope of responsibilities, and may retain, at the funds' expense,
such independent counsel or other advisers as it deems necessary. The committee will consider nominees to the Board of Trustees
recommended by shareholders based upon the criteria applied to candidates presented to the committee by a search firm or other
source. Recommendations, along with appropriate background material concerning the candidate that demonstrates his or her ability
to serve as an Independent Trustee of the funds, should be submitted to the Chair of the committee at the address maintained for
communications with Independent Trustees. If the committee retains a search firm, the Chair will generally forward all such submissions to the search firm for evaluation. With respect to the criteria for selecting Independent Trustees, it is expected that all candidates will possess the following minimum qualifications: (i) unquestioned personal integrity; (ii) not an interested person of FMR
or its affiliates within the meaning of the 1940 Act; (iii) does not have a material relationship (e.g., commercial, banking, consulting, legal, or accounting) that could create an appearance of lack of independence in respect of FMR and its affiliates; (iv) has the
disposition to act independently in respect of FMR and its affiliates and others in order to protect the interests of the funds and all
shareholders; (v) ability to attend regularly scheduled meetings during the year; (vi) demonstrates sound business judgment gained
through broad experience in significant positions where the candidate has dealt with management, technical, financial, or regulatory
issues; (vii) sufficient financial or accounting knowledge to add value in the complex financial environment of the funds; (viii) experience on corporate or other institutional oversight bodies having similar responsibilities, but which board memberships or other
relationships could not result in business or regulatory conflicts with the funds; and (ix) capacity for the hard work and attention to
detail that is required to be an effective Independent Trustee in light of the funds' complex regulatory, operational, and marketing
setting. The Governance and Nominating Committee may determine that a candidate who does not have the type of previous experience or knowledge referred to above should nevertheless be considered as a nominee if the Governance and Nominating Committee finds that the candidate has additional qualifications such that his or her qualifications, taken as a whole, demonstrate the same
level of fitness to serve as an Independent Trustee. During the fiscal year ended October 31, 2008, the committee held nine meetings.

The Compliance Committee is composed of Messrs. Wiley (Chair), Lautenbach, and Mauriello. The committee normally meets
quarterly, or more frequently as called by the Chair. The committee oversees the administration and operation of the compliance
policies and procedures of the funds and their service providers as required by Rule 38a-1 of the 1940 Act. The committee is responsible for the review and approval of policies and procedures relating to (i) provisions of the Code of Ethics, (ii) anti-money
laundering requirements, (iii) compliance with investment restrictions and limitations, (iv) privacy, (v) recordkeeping, and (vi) other
compliance policies and procedures which are not otherwise delegated to another committee. The committee has responsibility for
recommending to the Board the designation of a Chief Compliance Officer (CCO) of the funds. The committee serves as the primary point of contact between the CCO and the Board, it oversees the annual performance review and compensation of the CCO, and
if required, makes recommendations to the Board with respect to the removal of the appointed CCO. The committee receives reports of significant correspondence with regulators or governmental agencies, employee complaints or published reports which raise
concerns regarding compliance matters, and copies of significant non-routine correspondence with the SEC. The committee receives reports from the CCO including the annual report concerning the funds' compliance policies as required by Rule 38a-1, quarterly reports in respect of any breaches of fiduciary duty or violations of federal securities laws, and reports on any other compliance or related matters that would otherwise be subject to periodic reporting or that may have a significant impact on the funds.
The committee will recommend to the Board, what actions, if any, should be taken with respect to such reports. During the fiscal
year ended October 31, 2008, the committee held seven meetings.

The Proxy Voting Committee is composed of Messrs. Thomas (Chair), Dirks, and Wiley. The committee will meet as needed to
review the fund's proxy voting policies, consider changes to the policies, and review the manner in which the policies have been
applied. The committee will receive reports on the manner in which proxy votes have been cast under the proxy voting policies and
reports on consultations between the fund's investment advisers and portfolio companies concerning matters presented to shareholders for approval. The committee will address issues relating to the fund's annual voting report filed with the SEC. The committee
will receive reports concerning the implementation of procedures and controls designed to ensure that the proxy voting policies are
implemented in accordance with their terms. The committee will consider FMR's recommendations concerning certain non-routine
proposals not covered by the proxy voting policies. The committee will receive reports with respect to steps taken by FMR to assure
that proxy voting has been done without regard to any other FMR relationships, business or otherwise, with that portfolio company.
The committee will make recommendations to the Board concerning the casting of proxy votes in circumstances where FMR has
determined that, because of a conflict of interest, the proposal to be voted on should be reviewed by the Board. During the fiscal
year ended October 31, 2008, the committee held three meetings.

The following table sets forth information describing the dollar range of equity securities beneficially owned by each Trustee in each
fund and in all funds in the aggregate within the same fund family overseen by the Trustee for the calendar year ended December 31,
2008.

|Interested Trustees                                                           
|------------------------------------------------------------------------------
|DOLLAR RANGE OFFUND SHARES                                                    
|Series International Growth                                                   
|Series International Value                                                    
|Series International Small Cap                                                
|AGGREGATE DOLLAR RANGE OF
FUND SHARES IN ALL FUNDS
OVERSEEN WITHIN FUND FAMILY

|Independent Trustees                                                          
|------------------------------------------------------------------------------
|DOLLAR RANGE OFFUND SHARES                                                    
|Series International Growth                                                   
|Series International Value                                                    
|Series International Small Cap                                                
|AGGREGATE DOLLAR RANGE OF
FUND SHARES IN ALL FUNDS
OVERSEEN WITHIN FUND FAMILY
|DOLLAR RANGE OFFUND SHARES                                                    
|Series International Growth                                                   
|Series International Value                                                    
|Series International Small Cap                                                
|AGGREGATE DOLLAR RANGE OF
FUND SHARES IN ALL FUNDS
OVERSEEN WITHIN FUND FAMILY

The following table sets forth information describing the compensation of each Trustee and Member of the Advisory Board for his or
her services for the fiscal year ending October 31, 2009, or calendar year ended December 31, 2008, as applicable.

|Compensation Table1                      
|-----------------------------------------
|AGGREGATE
COMPENSATIONFROM A FUND        
|Series International Growth+             
|Series International Value+              
|Series International Small Cap+          
|TOTAL COMPENSATION
FROM THE FUND COMPLEXA
|AGGREGATE
COMPENSATIONFROM A FUND        
|Series International Growth+             
|Series International Value+              
|Series International Small Cap+          
|TOTAL COMPENSATION
FROM THE FUND COMPLEXA

1	Edward C. Johnson 3d, James C. Curvey, and Peter S. Lynch are interested persons and are compensated by FMR.

2	For the period January 1, 2008 through July 31, 2008, Mr. Lacy served as a Member of the Advisory Board. Effective August 1,
2008, Mr. Lacy serves as a member of the Board of Trustees.

3	For the period July 1, 2007 through July 31, 2008, Mr. Mauriello served as a Member of the Advisory Board. Effective August 1,
2008, Mr. Mauriello serves as a member of the Board of Trustees.

4	For the period October 1, 2007 through July 31, 2008, Mr. Thomas served as a Member of the Advisory Board. Effective August 1,
2008, Mr. Thomas serves as a member of the Board of Trustees.

5	For the period October 1, 2007 through July 31, 2008, Mr. Wiley served as a Member of the Advisory Board. Effective August 1,
2008, Mr. Wiley serves as a member of the Board of Trustees.

+	Estimated for the fund's first full year.

A	Reflects compensation received for the period January 1, 2008 through July 31, 2008 for 377 funds of 58 trusts (including Fidelity
Central Investment Portfolios LLC and Fidelity Central Investment Portfolios II LLC) and for the period August 1, 2008 through
December 31, 2008 for 222 funds of 29 trusts (including Fidelity Central Investment Portfolios LLC). 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, 2008, the Trustees accrued required deferred compensation from the funds as follows: Dennis J. Dirks, $190,000; Alan
J. Lacy, $72,917; Ned C. Lautenbach, $225,000; Joseph Mauriello, $79,167; Cornelia M. Small, $175,000; William S. Stavropoulos,
$200,000; David M. Thomas, $72,917; and Michael E. Wiley, $72,917. Certain of the Independent Trustees elected voluntarily to
defer a portion of their compensation as follows: Ned C. Lautenbach, $48,439; and Michael E. Wiley, $24,998.

As of the public offering of shares of each fund, 100% of each fund's total outstanding shares was held by FMR or an FMR affiliate.
FMR LLC is the ultimate parent company of FMR and these FMR affiliates. By virtue of their ownership interest in FMR LLC, as
described in the "Control of Investment Advisers" section below, Mr. Edward C. Johnson 3d and Ms. Abigail P. Johnson, Trustees, may
be deemed to be a beneficial owner of these shares.

CONTROL OF INVESTMENT ADVISERS

FMR LLC, as successor by merger to FMR Corp., is the ultimate parent company of FMR, Fidelity Management & Research (U.K.)
Inc. (FMR U.K.), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Inc.
(FMR Japan), Fidelity Research & Analysis Company (FRAC), and FMR Co., Inc. (FMRC). The voting common shares of FMR LLC are
divided into two series. Series B is held predominantly by members of the Edward C. Johnson 3d and Abigail P. Johnson family, directly
or through trust and limited liability companies, and is entitled to 49% of the vote on any matter acted upon by the voting common shares.
Series A is held predominantly by non-Johnson family member employees of FMR LLC and its affiliates and is entitled to 51% of the vote
on any such matter. The Johnson family group and all other Series B shareholders have entered into a shareholders' voting agreement
under which all Series B shares will be voted in accordance with the majority vote of Series B shares. Under the 1940 Act, control of a
company is presumed where one individual or group of individuals owns more than 25% of the voting securities of that company. Therefore, through their ownership of voting common shares and the execution of the shareholders' voting agreement, members of the Johnson
family may be deemed, under the 1940 Act, to form a controlling group with respect to FMR LLC.

At present, the primary business activities of FMR LLC and its subsidiaries are: (i) the provision of investment advisory, management, shareholder, investment information and assistance and certain fiduciary services for individual and institutional investors; (ii) the
provision of securities brokerage services; (iii) the management and development of real estate; and (iv) the investment in and operation
of a number of emerging businesses.

FIL Limited, a Bermuda company formed in 1968, is the ultimate parent company of FIL Investment Advisors (FIIA), Fidelity Investments Japan Limited (FIJ), and FIL Investment Advisors (U.K.) Ltd. (FIIA(U.K.)L). Edward C. Johnson 3d, Abigail P. Johnson, other
Johnson family members, and various trusts for the benefit of the Johnson family own, directly or indirectly, more than 25% of the voting
common stock of FIL Limited. At present, the primary business activities of FIL Limited and its subsidiaries are the provision of investment advisory services to non-U.S. investment companies and private accounts investing in securities throughout the world.

FMR, FMRC, FMR U.K., FMR H.K., FMR Japan, FRAC, FIJ, FIIA, FIIA(U.K.)L (the Investment Advisers), FDC, and the funds have
adopted codes of ethics under Rule 17j-1 of the 1940 Act that set forth employees' fiduciary responsibilities regarding the funds, establish
procedures for personal investing, and restrict certain transactions. Employees subject to the codes of ethics, including Fidelity investment
personnel, may invest in securities for their own investment accounts, including securities that may be purchased or held by the funds.

MANAGEMENT CONTRACT

Each fund has entered into a management contract with FMR, pursuant to which FMR furnishes investment advisory and other services.

Management Services.Under the terms of its management contract with each fund, FMR acts as investment adviser and, subject to
the supervision of the Board of Trustees, has overall responsibility for directing the investments of the fund in accordance with its investment objective, policies and limitations. FMR also provides each fund with all necessary office facilities and personnel for servicing the
fund's investments, compensates all officers of each fund and all Trustees who are interested persons of the trust or of FMR, and all
personnel of each fund or FMR performing services relating to research, statistical and investment activities.

In addition, FMR or its affiliates, subject to the supervision of the Board of Trustees, provide the management and administrative
services necessary for the operation of each fund. These services include providing facilities for maintaining each fund's organization;
supervising relations with custodians, transfer and pricing agents, accountants, underwriters and other persons dealing with each fund;
preparing all general shareholder communications and conducting shareholder relations; maintaining each fund's records and the registration of each fund's shares under federal securities laws and making necessary filings under state securities laws; developing management and shareholder services for each fund; and furnishing reports, evaluations and analyses on a variety of subjects to the Trustees.

Management-Related Expenses.In addition to the management fee payable to FMR and the fees payable to the transfer agent and
pricing and bookkeeping agent, and the costs associated with securities lending, as applicable, each fund pays all of its expenses that are
not assumed by those parties. Each fund pays for the typesetting, printing, and mailing of its proxy materials to shareholders, legal expenses, and the fees of the custodian, auditor, and Independent Trustees. Each fund's management contract further provides that the fund
will pay for typesetting, printing, and mailing prospectuses, statements of additional information, notices, and reports to shareholders;
however, under the terms of each fund's transfer agent agreement, the transfer agent bears these costs. Other expenses paid by each fund
include interest, taxes, brokerage commissions, the fund's proportionate share of insurance premiums and Investment Company Institute
dues, and the costs of registering shares under federal securities laws and making necessary filings under state securities laws. Each fund
is also liable for such non-recurring expenses as may arise, including costs of any litigation to which the fund may be a party, and any
obligation it may have to indemnify its officers and Trustees with respect to litigation.

Management Fees. For the services of FMR under the management contract, each fund pays FMR a monthly management fee which
has two components: a basic fee, which is the sum of a group fee rate and an individual fund fee rate, and a performance adjustment based
on a comparison of Series International Growth's performance to that of the MSCI®EAFE® (Europe, Australasia, Far East) Growth
Index, Series International Value's performance to that of the MSCI EAFE Value Index, or Series International Small Cap's performance
to that of the MSCI EAFE Small Cap Index.

The group fee rate is based on the monthly average net assets of all of the registered investment companies with which FMR has
management contracts.

|GROUP FEE RATE SCHEDULE | EFFECTIVE ANNUAL FEE RATES
|----------------------- | --------------------------
|Average GroupAssets     | AnnualizedRate            
|0                       | -                         
|3                       | -                         
|6                       | -                         
|9                       | -                         
|12                      | -                         
|15                      | -                         
|18                      | -                         
|21                      | -                         
|24                      | -                         
|30                      | -                         
|36                      | -                         
|42                      | -                         
|48                      | -                         
|66                      | -                         
|84                      | -                         
|102                     | -                         
|138                     | -                         
|174                     | -                         
|210                     | -                         
|246                     | -                         
|282                     | -                         
|318                     | -                         
|354                     | -                         
|390                     | -                         
|426                     | -                         
|462                     | -                         
|498                     | -                         
|534                     | -                         
|587                     | -                         
|646                     | -                         
|711                     | -                         
|782                     | -                         
|860                     | -                         
|946                     | -                         
|1,041                   | -                         
|1,145                   | -                         
|1,260                   | -                         
|1,386                   | -                         
|1,525                   | -                         
|1,677                   | -                         
|Over                    |                           

The group fee rate is calculated on a cumulative basis pursuant to the graduated fee rate schedule shown above on the left. The schedule above on the right shows the effective annual group fee rate at various asset levels, which is the result of cumulatively applying the
annualized rates on the left. For example, the effective annual fee rate at $1,170 billion of group net assets - the approximate level for
June 2009 - was 0.2624%, which is the weighted average of the respective fee rates for each level of group net assets up to $1,170 billion.

Series International Growth's, Series International Value's, and Series International Small Cap's individual fund fee rates are 0.45%,
0.45%, and 0.60%, respectively. Based on the average group net assets of the funds advised by FMR for June 2009, each fund's annual
basic fee rate would be calculated as follows:

|Fund                           | Group Fee Rate |   | Individual Fund Fee Rate |   | Basic Fee Rate
|------------------------------ | -------------- | - | ------------------------ | - | --------------
|Series International Growth    | 0.2624%        | + | 0.4500%                  | = | 0.7124%       
|Series International Value     | 0.2624%        | + | 0.4500%                  | = | 0.7124%       
|Series International Small Cap | 0.2624%        | + | 0.6000%                  | = | 0.8624%       

One-twelfth of the basic fee rate is applied to each fund's average net assets for the month, giving a dollar amount which is the fee for
that month.

Computing the Performance Adjustment.The basic fee for each of Series International Growth, Series International Value, and
International Small Cap is subject to upward or downward adjustment, depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record over the same period of the MSCI EAFE Growth
Index for Series International Growth, the MSCI EAFE Value Index for Series International Value, and the MSCI EAFE Small Cap Index
for Series International Small Cap. The performance period for each fund will commence on December, 1, 2009. Starting with the twelfth
month, the performance adjustment takes effect. Each month subsequent to the twelfth month, a new month is added to the performance
period until the performance period includes 36 months. Thereafter, the performance period consists of the most recent month plus the
previous 35 months.

If the Trustees determine that another index is appropriate for Series International Growth, Series International Value, or Series International Small Cap, they may designate a successor index to be substituted.

[For the purposes of calculating the performance adjustment for each fund, the fund's investment performance will be based on the
performance of the retail class of the fund.]

The performance comparison is made at the end of each month.

Each percentage point of difference, calculated to the nearest 0.01% (up to a maximum difference of ±10.00), is multiplied by a
performance adjustment rate of 0.02%. The maximum annualized performance adjustment rate is ±0.20% of a fund's average net assets
over the performance period.

One twelfth (1/12) of this rate is then applied to each fund's average net assets over the performance period, giving a dollar amount
which will be added to (or subtracted from) the basic fee.

The performance of a class is calculated based on change in NAV. For purposes of calculating the performance adjustment, any dividends or capital gain distributions paid by the class are treated as if reinvested in that class's shares at the NAV as of the record date for
payment.

The record of the MSCI EAFE Growth Index is based on change in value and is adjusted for any cash distributions from the companies
whose securities compose the index. Because the adjustment to the basic fee is based on Series International Growth's performance
compared to the investment record of the index, the controlling factor is not whether the fund's performance is up or down per se, but
whether it is up or down more or less than the record of the MSCI EAFE Growth Index. The record of the MSCI EAFE Value Index is
based on change in value and is adjusted for any cash distributions from the companies whose securities compose the index. Because the
adjustment to the basic fee is based on Series International Value's performance compared to the investment record of the index, the
controlling factor is not whether the fund's performance is up or down per se, but whether it is up or down more or less than the record of
the MSCI EAFE Value Index. The record of the MSCI EAFE Small Cap Index is based on change in value and is adjusted for any cash
distributions from the companies whose securities compose the index. Because the adjustment to the basic fee is based on Series International Small Cap's performance compared to the investment record of the index, the controlling factor is not whether the fund's performance is up or down per se, but whether it is up or down more or less than the record of the MSCI EAFE Small Cap Index. Moreover, the
comparative investment performance of each fund is based solely on the relevant performance period without regard to the cumulative
performance over a longer or shorter period of time.

FMR may, from time to time, voluntarily reimburse all or a portion of a class's operating expenses (exclusive of interest, taxes, certain
securities lending costs, brokerage commissions, and extraordinary expenses), which is subject to revision or discontinuance. FMR retains the ability to be repaid for these expense reimbursements in the amount that expenses fall below the limit prior to the end of the fiscal
year.

Expense reimbursements by FMR will increase a class's returns, and repayment of the reimbursement by a class will lower its returns.

Sub-Adviser - FMRC.On behalf of each fund, FMR has entered into a sub-advisory agreement with FMRC pursuant to which
FMRC has day-to-day responsibility for choosing investments for each fund. Under the terms of the sub-advisory agreements for each
fund, FMR, and not the funds, pays FMRC's fees.

Sub-Advisers - FIIA, FIIA(U.K.)L, and FIJ. On behalf of each fund, FMR has entered into a master international research agreement with FIIA. On behalf of each fund, FIIA, in turn, has entered into sub-research agreements with FIIA(U.K.)L and FIJ. Pursuant to
the research agreements, FMR may receive investment advice and research services concerning issuers and countries outside the United
States. Under the terms of the master international research agreement, FMR, and not the funds, pays FIIA. Under the terms of the sub-research agreements, FIIA, and not the funds, pays FIIA(U.K.)L and FIJ.

Sub-Adviser - FRAC. On behalf of each fund, FMR, FMRC, and FRAC have entered into a research agreement. Pursuant to the
research agreement, FRAC provides investment advice and research services on domestic issuers. Under the terms of the research agreement, FMR and FMRC, and not the funds, agree, in the aggregate, to pay FRAC.

Sub-Advisers - FMR U.K., FMR H.K., and FMR Japan, FIIA, FIIA(U.K.)L, and FIJ. On behalf of each fund, FMR has entered
into sub-advisory agreements with FMR U.K., FMR H.K., FMR Japan, and FIIA. On behalf of each fund, FIIA, in turn, has entered into
sub-advisory agreements with FIIA(U.K.)L and FIJ. Pursuant to the sub-advisory agreements, FMR may receive from the sub-advisers
investment research and advice on issuers outside the United States (non-discretionary services) and FMR may grant the sub-advisers
investment management authority and the authority to buy and sell securities if FMR believes it would be beneficial to the funds (discretionary services). FMR and FIIA, and not the funds, pay the sub-advisers.

Jed Weiss is the portfolio manager of Series International Growth and Series International Small Cap, and receives compensation for
his services. George Stairs is the portfolio manager of Series International Value and receives compensation for his services. As of June
30, 2009, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus,
in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion
of each portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

Each portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of each portfolio manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group assigned to each fund or account, and (ii) the investment
performance of other FMR international equity funds and accounts. The pre-tax investment performance of each portfolio manager's
fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s) and the average asset size
of those fund(s) and account(s) over the portfolio manager's tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with the portfolio manager's
tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index, and rolling periods of
up to three years for the comparison to a peer group. A smaller, subjective component of each portfolio manager's bonus is based on the
portfolio manager's overall contribution to management of FMR. The portion of each portfolio manager's bonus that is linked to the
investment performance of his or her fund is based on the fund's pre-tax investment performance measured against the benchmark index
identified below for the fund and the fund's pre-tax investment performance (based on the performance of the fund's retail class) within
the peer groups identified below for the fund. Each portfolio manager also is compensated under equity-based compensation plans linked
to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services
company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If
requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance
and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

|Fund                           | Benchmark Index                        | Peer Group                                                                                       
|------------------------------ | -------------------------------------- | -------------------------------------------------------------------------------------------------
|Series International Growth    | MSCI EAFE Growth Index
(net MA tax)    | Morningstar Foreign Large Cap Growth, Foreign Mid
Cap Growth, Foreign Small Cap Growth Categories
|Series International Small Cap | MSCI EAFE Small Cap Index
(net MA tax) | Lipper International Small Cap Objective                                                         
|Series International Value     | MSCI EAFE Value Index (net
MA tax)     | Morningstar Foreign Large Cap Value, Foreign Mid Cap
Value, Foreign Small Cap Value Categories   

A portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest
through either tax-deferred accounts or taxable accounts, a portfolio manager's compensation is linked to the pre-tax performance of the
fund, rather than its after-tax performance. A portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly
link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio.The management of multiple funds and accounts
(including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In
addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. A portfolio manager may execute transactions
for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even
if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a
fund's Code of Ethics.

The following table provides information relating to other accounts managed by Mr. Weiss as of June 30, 2009:

|                                                                  | Registered
InvestmentCompanies* | Other Pooled
InvestmentVehicles | OtherAccounts
|----------------------------------------------------------------- | ------------------------------- | ------------------------------- | -------------
|Number of Accounts Managed                                        | 3                               | none                            | none         
|Number of Accounts Managed with Performance-Based Advisory Fees   | 3                               | none                            | none         
|Assets Managed (in millions)                                      | $ 370                           | none                            | none         
|Assets Managed with Performance-Based Advisory Fees (in millions) | $ 370                           | none                            | none         

* Does not include Series International Growth and Series International Small Cap. The funds are expected to commence operations on
[__________, 2009].

As of June 30, 2009, the dollar range of shares of Series International Growth and Series International Small Cap beneficially owned
by Mr. Weiss was none and none, respectively.

The following table provides information relating to other accounts managed by Mr. Stairs as of June 30, 2009:

|                                                                  | Registered
InvestmentCompanies* | Other Pooled
InvestmentVehicles | OtherAccounts
|----------------------------------------------------------------- | ------------------------------- | ------------------------------- | -------------
|Number of Accounts Managed                                        | 2                               | none                            | none         
|Number of Accounts Managed with Performance-Based Advisory Fees   | 2                               | none                            | none         
|Assets Managed (in millions)                                      | $ 196                           | none                            | none         
|Assets Managed with Performance-Based Advisory Fees (in millions) | $ 196                           | none                            | none         

* Does not include Series International Value. The fund is expected to commence operations on [__________, 2009].

As of June 30, 2009, the dollar range of shares of Series International Value beneficially owned by Mr. Stairs was none.

PROXY VOTING GUIDELINES

The following Proxy Voting Guidelines were established by the Board of Trustees of the funds, after consultation with Fidelity. (The
guidelines are reviewed periodically by Fidelity and by the Independent Trustees of the Fidelity funds, and, accordingly, are subject to
change.)

I.	General Principles

A.	Voting of shares will be conducted in a manner consistent with the best interests of Fidelity Fund shareholders as follows: (i)
securities of a portfolio company will generally be voted in a manner consistent with the Guidelines; and (ii) voting will be done without
regard to any other Fidelity companies' relationship, business or otherwise, with that portfolio company.

B.	FMR Investment Proxy Research votes proxies. In the event an Investment Proxy Research employee has a personal conflict with a portfolio company or an employee or director of a portfolio company, that employee will withdraw from making any proxy
voting decisions with respect to that portfolio company. A conflict of interest arises when there are factors that may prompt one to question whether a Fidelity employee is acting solely in the best interests of Fidelity and its customers. Employees are expected to avoid
situations that could present even the appearance of a conflict between their interests and the interests of Fidelity and its customers.

C.	Except as set forth herein, FMR will generally vote in favor of routine management proposals.

D.	Non-routine proposals will generally be voted in accordance with the Guidelines.

E.	Non-routine proposals not covered by the Guidelines or involving other special circumstances will be evaluated on a case-by-case basis with input from the appropriate FMR analyst or portfolio manager, as applicable, subject to review by an attorney within
FMR's General Counsel's office and a member of senior management within FMR's Investment Proxy Research. A significant pattern of
such proposals or other special circumstances will be referred to the appropriate Fidelity Fund Board Committee or its designee.

F.	FMR will vote on shareholder proposals not specifically addressed by the Guidelines based on an evaluation of a proposal's
likelihood to enhance the economic returns or profitability of the portfolio company or to maximize shareholder value. Where information is not readily available to analyze the economic impact of the proposal, FMR will generally abstain.

G.	Many Fidelity Funds invest in voting securities issued by companies that are domiciled outside the United States and are not
listed on a U.S. securities exchange. Corporate governance standards, legal or regulatory requirements and disclosure practices in foreign
countries can differ from those in the United States. When voting proxies relating to non-U.S. securities, FMR will generally evaluate
proposals in the context of the Guidelines, but FMR may, where applicable and feasible, take into consideration differing laws and regulations in the relevant foreign market in determining how to vote shares.

H.	In certain non-U.S. jurisdictions, shareholders voting shares of a portfolio company may be restricted from trading the
shares for a period of time around the shareholder meeting date. Because such trading restrictions can hinder portfolio management and
could result in a loss of liquidity for a fund, FMR will generally not vote proxies in circumstances where such restrictions apply. In addition, certain non-U.S. jurisdictions require voting shareholders to disclose current share ownership on a fund-by-fund basis. When such
disclosure requirements apply, FMR will generally not vote proxies in order to safeguard fund holdings information.

I.	Where a management-sponsored proposal is inconsistent with the Guidelines, FMR may receive a company's commitment
to modify the proposal or its practice to conform to the Guidelines, and FMR will generally support management based on this commitment. If a company subsequently does not abide by its commitment, FMR will generally withhold authority for the election of directors at
the next election.

II.	Definitions (as used in this document)

A.	Anti-Takeover Provision - includes fair price amendments; classified boards; "blank check" preferred stock; Golden Parachutes; supermajority provisions; Poison Pills; restricting the right to call special meetings; and any other provision that eliminates or
limits shareholder rights.

B.	Golden Parachute - Employment contracts, agreements, or policies that include an excise tax gross-up provision; single
trigger for cash incentives; or may result in a lump sum payment of cash and acceleration of equity that may total more than three times
annual compensation (salary and bonus) in the event of a termination following a change in control.

C.	Greenmail - payment of a premium to repurchase shares from a shareholder seeking to take over a company through a
proxy contest or other means.

D.	Sunset provision - a condition in a charter or plan that specifies an expiration date.

E.	Permitted Bid Feature - a provision suspending the application of a Poison Pill, by shareholder referendum, in the event a
potential acquirer announces a bona fide offer for all outstanding shares.

F.	Poison Pill - a strategy employed by a potential take-over/target company to make its stock less attractive to an acquirer.
Poison Pills are generally designed to dilute the acquirer's ownership and value in the event of a take-over.

G.	Large-Capitalization Company - a company included in the Russell 1000® stock index.

H.	Small-Capitalization Company - a company not included in the Russell 1000 stock index that is not a Micro-Capitalization
Company.

I.	Micro-Capitalization Company - a company with a market capitalization under US $300 million.

III.	Directors

A.	Incumbent Directors

FMR will generally vote in favor of incumbent and nominee directors except where one or more such directors clearly
appear to have failed to exercise reasonable judgment.

FMR will also generally withhold authority for the election of all directors or directors on responsible committees if:

1. An Anti-Takeover Provision was introduced, an Anti-Takeover Provision was extended, or a new Anti-Takeover Provision was adopted upon the expiration of an existing Anti-Takeover Provision, without shareholder approval except as set forth below.

With respect to Poison Pills, however, FMR will consider not withholding authority on the election of directors if all of the
following conditions are met when a Poison Pill is introduced, extended, or adopted:

a. The Poison Pill includes a Sunset Provision of less than five years;

b. The Poison Pill includes a Permitted Bid Feature;

c. The Poison Pill is linked to a business strategy that will result in greater value for the shareholders; and

d. Shareholder approval is required to reinstate the Poison Pill upon expiration.

FMR will also consider not withholding authority on the election of directors when one or more of the conditions above are
not met if a board is willing to strongly consider seeking shareholder ratification of, or adding above conditions noted a. and b. to an
existing Poison Pill. In such a case, if the company does not take appropriate action prior to the next annual shareholder meeting, FMR
will withhold authority on the election of directors.

2. The company refuses, upon request by FMR, to amend the Poison Pill to allow Fidelity to hold an aggregate position of up
to 20% of a company's total voting securities and of any class of voting securities.

3. Within the last year and without shareholder approval, a company's board of directors or compensation committee has
repriced outstanding options, exchanged outstanding options for equity, or tendered cash for outstanding options.

4. The company failed to act in the best interests of shareholders when approving executive compensation, taking into account such factors as: (i) whether the company used an independent compensation committee; and (ii) whether the compensation committee engaged independent compensation consultants; and (iii) whether it has been proven that the company engaged in options backdating.

5. To gain FMR's support on a proposal, the company made a commitment to modify a proposal or practice to conform to
the Guidelines and the company has failed to act on that commitment.

6. The director attended fewer than 75% of the aggregate number of meetings of the board or its committees on which the
director served during the company's prior fiscal year, absent extenuating circumstances.

7. The board is not comprised of a majority of independent directors.

B.	Indemnification

FMR will generally vote in favor of charter and by-law amendments expanding the indemnification of directors and/or
limiting their liability for breaches of care unless FMR is otherwise dissatisfied with the performance of management or the proposal is
accompanied by Anti-Takeover Provisions.

C.	Independent Chairperson

FMR will generally vote against shareholder proposals calling for or recommending the appointment of a non-executive or
independent chairperson. However, FMR will consider voting for such proposals in limited cases if, based upon particular facts and
circumstances, appointment of a non-executive or independent chairperson appears likely to further the interests of shareholders and to
promote effective oversight of management by the board of directors.

D.	Majority Director Elections

FMR will generally vote in favor of proposals calling for directors to be elected by an affirmative majority of votes cast in a
board election, provided that the proposal allows for plurality voting standard in the case of contested elections (i.e., where there are more
nominees than board seats). FMR may consider voting against such shareholder proposals where a company's board has adopted an
alternative measure, such as a director resignation policy, that provides a meaningful alternative to the majority voting standard and
appropriately addresses situations where an incumbent director fails to receive the support of a majority of the votes cast in an uncontested election.

IV.	Compensation

A.	Equity award plans (including stock options, restricted stock awards, and other stock awards).

FMR will generally vote against equity award plans or amendments to authorize additional shares under such plans if:

1. (a) The dilution effect of the shares outstanding and available for issuance pursuant to all plans, plus any new share requests is greater than 10% for a Large-Capitalization Company, 15% for a Small-Capitalization Company or 20% for a Micro-Capitalization Company; and (b) there were no circumstances specific to the company or the plans that lead FMR to conclude that the level of
dilution in the plan or the amendments is acceptable.

2. In the case of stock option plans, (a) the offering price of options is less than 100% of fair market value on the date of
grant, except that the offering price may be as low as 85% of fair market value if the discount is expressly granted in lieu of salary or cash
bonus; (b) the plan's terms allow repricing of underwater options; or (c) the board/committee has repriced options outstanding under the
plan in the past two years.

3. The plan may be materially altered without shareholder approval, including increasing the benefits accrued to participants under the plan; increasing the number of securities which may be issued under the plan; modifying the requirements for participation in the plan; or including a provision allowing the board to lapse or waive restrictions at its discretion, except in limited cases relating
to death, disability, retirement, or change in control.

4. Awards to non-employee directors are subject to management discretion.

5. In the case of stock awards, the restriction period is less than three years for non-performance-based awards, and less than
one year for performance-based awards.

FMR will consider approving an equity award plan or an amendment to authorize additional shares under such plan if,
without complying with the guidelines immediately above, the following two conditions are met:

1. The shares are granted by a compensation committee composed entirely of independent directors; and

2. The shares are limited to 5% (Large-Capitalization Company) and 10% (Small-or Micro-Capitalization Company) of the
shares authorized for grant under the plan.

B.	Equity Exchanges and Repricing

FMR will generally vote in favor of a management proposal to exchange, reprice or tender for cash, outstanding options if
the proposed exchange, repricing, or tender offer is consistent with the interests of shareholders, taking into account such factors as:

1. Whether the proposal excludes senior management and directors;

2. Whether the exchange or repricing proposal is value neutral to shareholders based upon an acceptable pricing model;

3. The company's relative performance compared to other companies within the relevant industry or industries;

4. Economic and other conditions affecting the relevant industry or industries in which the company competes; and

5. Any other facts or circumstances relevant to determining whether an exchange or repricing proposal is consistent with
the interests of shareholders.

C.	Employee Stock Purchase Plans

FMR will generally vote against employee stock purchase plans if the plan violates any of the criteria in section IV(A)
above, except that the minimum stock purchase price may be equal to or greater than 85% of the stock's fair market value if the plan
constitutes a reasonable effort to encourage broad based participation in the company's equity. In the case of non-U.S. company stock
purchase plans, FMR may permit a lower minimum stock purchase price equal to the prevailing "best practices" in the relevant non-U.S.
market, provided that the minimum stock purchase price must be at least 75% of the stock's fair market value.

D.	Employee Stock Ownership Plans (ESOPs)

FMR will generally vote in favor of non-leveraged ESOPs. For leveraged ESOPs, FMR may examine the company's state
of incorporation, existence of supermajority vote rules in the charter, number of shares authorized for the ESOP, and number of shares
held by insiders. FMR may also examine where the ESOP shares are purchased and the dilution effect of the purchase. FMR will generally vote against leveraged ESOPs if all outstanding loans are due immediately upon change in control.

E.	Executive Compensation

FMR will generally vote against management proposals on stock-based compensation plans or other compensation plans if
such proposals are inconsistent with the interests of shareholders, taking into account such factors as: (i) whether the company has an
independent compensation committee; and (ii) whether the compensation committee has authority to engage independent compensation
consultants.

F.	Bonus Plans and Tax Deductibility Proposals

FMR will generally vote in favor of cash and stock incentive plans that are submitted for shareholder approval in order to
qualify for favorable tax treatment under Section 162(m) of the Internal Revenue Code, provided that the plan includes well defined and
appropriate performance criteria, and with respect to any cash component, that the maximum award per participant is clearly stated and is
not unreasonable or excessive.

V.	Anti-Takeover Provisions

FMR will generally vote against a proposal to adopt or approve the adoption of an Anti-Takeover Provision unless:

A.	The Poison Pill includes the following features:

1. A Sunset Provision of no greater than five years;

2. Linked to a business strategy that is expected to result in greater value for the shareholders;

3. Requires shareholder approval to be reinstated upon expiration or if amended;

4. Contains a Permitted Bid Feature; and

5. Allows the Fidelity Funds to hold an aggregate position of up to 20% of a company's total voting securities and of any
class of voting securities.

B.	An Anti-Greenmail proposal that does not include other Anti-Takeover Provisions; or

C.	It is a fair price amendment that considers a two-year price history or less.

FMR will generally vote in favor of proposals to eliminate Anti-Takeover Provisions. In the case of proposals to declassify a
board of directors, FMR will generally vote against such a proposal if the issuer's Articles of Incorporation or applicable statutes include
a provision whereby a majority of directors may be removed at any time, with or without cause, by written consent, or other reasonable
procedures, by a majority of shareholders entitled to vote for the election of directors.

VI.	Capital Structure/Incorporation

A.	Increases in Common Stock

FMR will generally vote against a provision to increase a company's common stock if such increase will result in a total
number of authorized shares greater than three times the current number of outstanding and scheduled to be issued shares, including stock
options, except in the case of real estate investment trusts, where an increase that will result in a total number of authorized shares up to
five times the current number of outstanding and scheduled to be issued shares is generally acceptable.

B.	New Classes of Shares

FMR will generally vote against the introduction of new classes of stock with differential voting rights.

C.	Cumulative Voting Rights

FMR will generally vote against the introduction and in favor of the elimination of cumulative voting rights.

D.	Acquisition or Business Combination Statutes

FMR will generally vote in favor of proposed amendments to a company's certificate of incorporation or by-laws that enable the company to opt out of the control shares acquisition or business combination statutes.

E.	Incorporation or Reincorporation in Another State or Country

FMR will generally vote against shareholder proposals calling for or recommending that a portfolio company reincorporate
in the United States and vote in favor of management proposals to reincorporate in a jurisdiction outside the United States if (i) it is lawful
under United States, state and other applicable law for the company to be incorporated under the laws of the relevant foreign jurisdiction
and to conduct its business and (ii) reincorporating or maintaining a domicile in the United States would likely give rise to adverse tax or
other economic consequences detrimental to the interests of the company and its shareholders. However, FMR will consider supporting
such shareholder proposals and opposing such management proposals in limited cases if, based upon particular facts and circumstances,
reincorporating in or maintaining a domicile in the relevant foreign jurisdiction gives rise to significant risks or other potential adverse
consequences that appear reasonably likely to be detrimental to the interests of the company or its shareholders.

VII. 	Shares of Investment Companies

A.	When a Fidelity Fund invests in an underlying Fidelity Fund with public shareholders, an exchange traded fund (ETF), or
non-affiliated fund, FMR will vote in the same proportion as all other voting shareholders of such underlying fund or class ("echo voting").

B.	Certain Fidelity Funds may invest in shares of underlying Fidelity Funds which are held exclusively by Fidelity Funds or
accounts managed by an FMR or an affiliate. FMR will generally vote in favor of proposals recommended by the underlying funds' Board
of Trustees.

VIII. Other

A.	Voting Process

FMR will generally vote in favor of proposals to adopt confidential voting and independent vote tabulation practices.

B.	Regulated Industries

Voting of shares in securities of any regulated industry (e.g. U.S. banking) organization shall be conducted in a manner
consistent with conditions that may be specified by the industry's regulator (e.g. the Federal Reserve Board) for a determination under
applicable law (e.g. federal banking law) that no fund or group of funds has acquired control of such organization.

To view a fund's proxy voting record for the most recent 12-month period ended June 30, if applicable, visit www.fidelity.com/proxyvotingresults or visit the SEC's web site at www.sec.gov.

DISTRIBUTION SERVICES

For purposes of the following "Distribution Services" discussion, the term "shares" (as it relates to the funds) means the one class of
shares of a fund offered through the prospectus to which this SAI relates.

Each fund has entered into a distribution agreement with FDC, an affiliate of FMR. The principal business address of FDC is 82
Devonshire Street, Boston, Massachusetts 02109. FDC is a broker-dealer registered under the Securities Exchange Act of 1934 and a
member of the National Association of Securities Dealers, Inc. The distribution agreements call for FDC to use all reasonable efforts,
consistent with its other business, to secure purchasers for shares of the funds, which are continuously offered at NAV. Promotional and
administrative expenses in connection with the offer and sale of shares are paid by FMR.

The Trustees have approved Distribution and Service Plans with respect to shares of each fund (the Plans) pursuant to Rule 12b-1
under the 1940 Act (the Rule). The Rule provides in substance that a mutual fund may not engage directly or indirectly in financing any
activity that is primarily intended to result in the sale of shares of the fund except pursuant to a plan approved on behalf of the fund under
the Rule. The Plans, as approved by the Trustees, allow shares of the funds and FMR to incur certain expenses that might be considered to
constitute indirect payment by the funds of distribution expenses.

Under each Plan, if the payment of management fees by the fund to FMR is deemed to be indirect financing by the fund of the distribution of its shares, such payment is authorized by the Plan. Each Plan specifically recognizes that FMR may use its management fee revenue, as well as its past profits or its other resources, to pay FDC for expenses incurred in connection with providing services intended to
result in the sale of shares of Series International Growth, Series International Value, and Series International Small Cap and/or shareholder support services. In addition, each Plan provides that FMR, directly or through FDC, may pay significant amounts to intermediaries, including retirement plan sponsors, administrators, and service-providers (who may be affiliated with FMR or FDC), that provide
those services. Currently, the Board of Trustees has authorized such payments for shares of Series International Growth, Series International Value, and Series International Small Cap.

Prior to approving each Plan, the Trustees carefully considered all pertinent factors relating to the implementation of the Plan, and
determined that there is a reasonable likelihood that the Plan will benefit the fund or class, as applicable, and its shareholders. In particular, the Trustees noted that each Plan does not authorize payments by shares of the fund other than those made to FMR under its management contract with the fund. To the extent that each Plan gives FMR and FDC greater flexibility in connection with the distribution of
shares of the fund, additional sales of shares of the fund or stabilization of cash flows may result. Furthermore, certain shareholder support services may be provided more effectively under the Plans by local entities with whom shareholders have other relationships.

FDC or an affiliate may compensate, or upon direction make payments for certain retirement plan expenses to, intermediaries, including retirement plan sponsors, administrators, and service-providers (including affiliates of FDC). A number of factors are considered in
determining whether to pay these additional amounts. Such factors may include, without limitation, the level or type of services provided
by the intermediary, the level or expected level of assets or sales of shares, and other factors. In addition to such payments, FDC or an
affiliate may offer other incentives such as sponsorship of educational or client seminars relating to current products and issues, payments
or reimbursements for travel and related expenses associated with due diligence trips that an intermediary may undertake in order to
explore possible business relationships with affiliates of FDC, and/or payments of costs and expenses associated with attendance at seminars, including travel, lodging, entertainment, and meals. Certain of the payments described above may be significant to an intermediary.
As permitted by SEC and the National Association of Securities Dealers rules and other applicable laws and regulations, FDC or an
affiliate may pay or allow other incentives or payments to intermediaries.

A fund's transfer agent or an affiliate may also make payments and reimbursements from its own resources to certain intermediaries
(who may be affiliated with the transfer agent) for providing recordkeeping and administrative services to plan participants or for providing other services to retirement plans. Please see "Transfer and Service Agent Agreements" in this SAI for more information.

FDC or an affiliate may also make payments to banks, broker-dealers and other service-providers (who may be affiliated with FDC)
for distribution-related activities and/or shareholder services. If you have purchased shares of a fund through an investment professional,
please speak with your investment professional to learn more about any payments his or her firm may receive from FMR, FDC, and/or
their affiliates, as well as fees and/or commissions the investment professional charges. You should also consult disclosures made by your
investment professional at the time of purchase.

Any of the payments described in this section may represent a premium over payments made by other fund families. Investment
professionals may have an added incentive to sell or recommend a fund over others offered by competing fund families, or retirement
plan sponsors may take these payments into account when deciding whether to include a fund as a plan investment option.

TRANSFER AND SERVICE AGENT AGREEMENTS

For purposes of the following "Transfer and Service Agent Agreements" discussion, the term "shares" (as it relates to the funds)
means the one class of shares of a fund offered through the prospectus to which this SAI relates.

Each fund has entered into a transfer agent agreement with FIIOC, an affiliate of FMR, which is located at 82 Devonshire Street,
Boston, Massachusetts 02109. Under the terms of the agreements, FIIOC (or an agent, including an affiliate) performs transfer agency
services for shares of each fund.

For providing transfer agency services, FIIOC receives a position fee and an asset-based fee with respect to each position in a fund.
For retail accounts, these fees are based on fund type. For certain institutional accounts, these fees are based on size of position and fund
type. For institutional retirement accounts, these fees are based on account type and fund type. The position fee is billed monthly on a pro
rata basis at one-twelfth of the applicable annual rate as of the end of each calendar month. The asset-based fee is calculated and paid
monthly on the basis of each class's average daily net assets. The position fees are subject to increase based on postage rate changes.

The asset-based fees are subject to adjustment if the year-to-date total return of the Standard & Poor's 500SM Index (S&P 500®) exceeds a positive or negative 15%.

FIIOC also may collect fees charged in connection with providing certain types of services such as exchanges, closing out fund balances, maintaining fund positions with low balances, checkwriting, wire transactions, and providing historical account research.

In addition, FIIOC receives the pro rata portion of the transfer agency fees applicable to shareholder accounts in a qualified tuition
program (QTP), as defined under the Small Business Job Protection Act of 1996, managed by FMR or an affiliate and in certain funds of
funds managed by an FMR affiliate, according to the percentage of the QTP's, or a fund of funds' assets that is invested in a fund.

FIIOC bears the expense of typesetting, printing, and mailing prospectuses, statements of additional information, and all other reports, notices, and statements to existing shareholders, with the exception of proxy statements.

Each fund has entered into a service agent agreement with FSC, an affiliate of FMR (or an agent, including an affiliate). Each fund has
also entered into a securities lending administration agreement with FSC. Under the terms of the agreements, FSC calculates the NAV
and dividends for shares of each fund, maintains each fund's portfolio and general accounting records, and administers each fund's securities lending program.

For providing pricing and bookkeeping services, FSC receives a monthly fee based on each fund's average daily net assets throughout
the month.

The annual rates for pricing and bookkeeping services for the funds are 0.0518% of the first $500 million of average net assets,
0.0415% of average net assets between $500 million and $3.5 billion, 0.0041% of average net assets between $3.5 billion and $25 billion,
and 0.0019% of average net assets in excess of $25 billion.

For administering each fund's securities lending program, FSC is paid based on the number and duration of individual securities
loans.

DESCRIPTION OF THE TRUST

Trust Organization. Fidelity Series International Growth Fund, Fidelity Series International Value Fund, and Fidelity Series International Small Cap Fund are funds of Fidelity Investment Trust, an open-end management investment company created under an initial
declaration of trust dated April 20, 1984. Currently, there are 27 funds offered in Fidelity Investment Trust: Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Europe, Middle East, Africa Fund, Fidelity Emerging
Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Global Commodity Stock Fund, Fidelity International Capital Appreciation, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity International Small
Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan
Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Series Emerging Markets Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, Fidelity
Series International Value Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund.
The Trustees are permitted to create additional funds in the trust and to create additional classes of the funds.

The assets of the trust received for the issue or sale of shares of each fund and all income, earnings, profits, and proceeds thereof,
subject to the rights of creditors, are allocated to such fund, and constitute the underlying assets of such fund. The underlying assets of
each fund in the trust shall be charged with the liabilities and expenses attributable to such fund, except that liabilities and expenses may
be allocated to a particular class. Any general expenses of the trust shall be allocated between or among any one or more of the funds or
classes.

Shareholder Liability. The trust is an entity commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of such a trust may, under certain circumstances, be held personally liable for the obligations of the trust.

The Declaration of Trust contains an express disclaimer of shareholder liability for the debts, liabilities, obligations, and expenses of
the trust or fund. The Declaration of Trust provides that the trust shall not have any claim against shareholders except for the payment of
the purchase price of shares and requires that each agreement, obligation, or instrument entered into or executed by the trust or the Trustees relating to the trust or to a fund shall include a provision limiting the obligations created thereby to the trust or to one or more funds and
its or their assets. The Declaration of Trust further provides that shareholders of a fund shall not have a claim on or right to any assets
belonging to any other fund.

The Declaration of Trust provides for indemnification out of each fund's property of any shareholder or former shareholder held
personally liable for the obligations of the fund solely by reason of his or her being or having been a shareholder and not because of his or
her acts or omissions or for some other reason. The Declaration of Trust also provides that each fund shall, upon request, assume the
defense of any claim made against any shareholder for any act or obligation of the fund and satisfy any judgment thereon. Thus, the risk of
a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which a fund itself would be unable to meet its obligations. FMR believes that, in view of the above, the risk of personal liability to shareholders is remote. Claims
asserted against one class of shares may subject holders of another class of shares to certain liabilities.

Voting Rights. Each fund's capital consists of shares of beneficial interest. As a shareholder, you are entitled to one vote for each
dollar of net asset value you own. The voting rights of shareholders can be changed only by a shareholder vote. Shares may be voted in the
aggregate, by fund, and by class.

The shares have no preemptive or conversion rights. Shares are fully paid and nonassessable, except as set forth under the heading
"Shareholder Liability" above.

The trust or a fund or a class may be terminated upon the sale of its assets to, or merger with, another open-end management investment company, series, or class thereof, or upon liquidation and distribution of its assets. The Trustees may reorganize, terminate, merge,
or sell all or a portion of the assets of the trust or a fund or a class without prior shareholder approval. In the event of the dissolution or
liquidation of the trust, shareholders of each of its funds are entitled to receive the underlying assets of such fund available for distribution. In the event of the dissolution or liquidation of a fund or a class, shareholders of that fund or that class are entitled to receive the
underlying assets of the fund or class available for distribution.

Custodians.___________________________, is custodian of the assets of the fund. The custodian is responsible for the safekeeping
of the fund's assets and the appointment of any subcustodian banks and clearing agencies. [JPMorgan Chase Bank, headquartered in New
York, also may serve as a special purpose custodian of certain assets in connection with repurchase agreement transactions/The Bank of
New York Mellon, headquartered in New York, also may serve as a special purpose custodian of certain assets in connection with repurchase agreement transactions/The Bank of New York Mellon and JPMorgan Chase Bank, each headquartered in New York, also may
serve as special purpose custodians of certain assets in connection with repurchase agreement transactions].

FMR, its officers and directors, its affiliated companies, Member of the Advisory Board, and Members of the Board of Trustees may,
from time to time, conduct transactions with various banks, including banks serving as custodians for certain funds advised by FMR. [The
Boston branch of [________]'s custodian leases its office space from an affiliate of FMR at a lease payment which, when entered into,
was consistent with prevailing market rates. Transactions that have occurred to date include mortgages and personal and general business
loans. In the judgment of FMR, the terms and conditions of those transactions were not influenced by existing or potential custodial or
other fund relationships.

Independent Registered Public Accounting Firm[s]. _______, independent registered public accounting firm, examines financial
statements for each fund and provides other audit[, tax, and ]related services.

FUND HOLDINGS INFORMATION

Each fund views holdings information as sensitive and limits its dissemination. The Board authorized FMR to establish and administer guidelines for the dissemination of fund holdings information, which may be amended at any time without prior notice. FMR's Disclosure Policy Committee (comprising executive officers of FMR) evaluates disclosure policy with the goal of serving a fund's best interests
by striking an appropriate balance between providing information about a fund's portfolio and protecting a fund from potentially harmful
disclosure. The Board reviews the administration and modification of these guidelines and receives reports from the funds' chief compliance officer periodically.

Each fund will provide a full list of holdings, including its top ten holdings, monthly on www.fidelity.com 30 days after the month-end
(excluding high income security holdings, which generally will be presented collectively monthly and included in a list of full holdings
60 days after its fiscal quarter-end).

Each fund will provide its top ten holdings (excluding cash and futures) as of the end of the calendar quarter on Fidelity's web site 15 or
more days after the calendar quarter-end.

This information will be available on the web site until updated for the next applicable period.

A fund may also from time to time provide or make available to the Board or third parties upon request specific fund level performance attribution information and statistics. Third parties may include fund shareholders or prospective fund shareholders, members of
the press, consultants, and ratings and ranking organizations.

The Use of Holdings In Connection With Fund Operations. Material non-public holdings information may be provided as part of
the investment activities of each fund to: entities which, by explicit agreement or by virtue of their respective duties to the fund, are
required to maintain the confidentiality of the information disclosed; other parties if legally required; or persons FMR believes will not
misuse the disclosed information. These entities, parties, and persons include: a fund's trustees; a fund's manager, its sub-advisers and
their affiliates whose access persons are subject to a code of ethics; contractors who are subject to a confidentiality agreement; a fund's
auditors; a fund's custodians; proxy voting service providers; financial printers; pricing service vendors; broker-dealers in connection
with the purchase or sale of securities or requests for price quotations or bids on one or more securities; securities lending agents; counsel
to a fund or its Independent Trustees; regulatory authorities; stock exchanges and other listing organizations; parties to litigation; and
third-parties in connection with a bankruptcy proceeding relating to a fund holding. Non-public holdings information may also be provided to an issuer regarding the number or percentage of its shares that are owned by a fund and in connection with redemptions in kind.

Other Uses Of Holdings Information. In addition, each fund may provide material non-public holdings information to (i) third-parties that calculate information derived from holdings for use by FMR or its affiliates, (ii) third parties that supply their analyses of holdings (but not the holdings themselves) to their clients (including sponsors of retirement plans or their consultants), (iii) ratings and rankings organizations, and (iv) an investment adviser, trustee, or their agents to whom holdings are disclosed for due diligence purposes or in
anticipation of a merger involving a fund. Each individual request is reviewed by the Disclosure Policy Committee which must find, in its
sole discretion that, based on the specific facts and circumstances, the disclosure appears unlikely to be harmful to a fund. Entities receiving this information must have in place control mechanisms to reasonably ensure or otherwise agree that, (a) the holdings information
will be kept confidential, (b) no employee shall use the information to effect trading or for their personal benefit, and (c) the nature and
type of information that they, in turn, may disclose to third-parties is limited. FMR relies primarily on the existence of non-disclosure
agreements and/or control mechanisms when determining that disclosure is not likely to be harmful to a fund.

At this time, the entities receiving information described in the preceding paragraph are: Factset Research Systems Inc. (full or partial
fund holdings daily, on the next business day); Thomson Vestek (full holdings, as of the end of the calendar quarter, 15 calendar days after
the calendar quarter-end); Standard & Poor's® Rating Services (full holdings weekly (generally as of the previous Friday), generally 5
business days thereafter); Moody's Investors Service (full holdings monthly, (generally as of the last Friday of each month), generally the
first Friday of the following month); Anacomp Inc. (full or partial holdings daily, on the next business day); and Fitch Inc. and certain
affiliates (full holdings weekly (generally as of the previous Friday), generally 5 business days thereafter).

FMR, its affiliates, or the funds will not enter into any arrangements with third-parties from which they derive consideration for the
disclosure of material non-public holdings information. If, in the future, FMR desired to make such an arrangement, it would seek prior
Board approval and any such arrangements would be disclosed in the funds' SAI.

There can be no assurance that the funds' policies and procedures with respect to disclosure of fund portfolio holdings will prevent the
misuse of such information by individuals and firms that receive such information.

APPENDIX

Fidelity and Fidelity Investments & (Pyramid) Design, are registered trademarks of FMR LLC.

The third party marks appearing above are the marks of their respective owners.

SUBJECT TO COMPLETION, PRELIMINARY PROSPECTUS DATED August 11, 2009. The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not solicitating an offer to buy these securities in any state where the offer or sale is not permitted.

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®Series
International Growth
Fund

Class F

(Fund __)

Fidelity Series
International Value
Fund

Class F

(Fund __)

Fidelity Series
International 
Small Cap
Fund

Class F

(Fund __)

Shares of the funds are only available for purchase by mutual funds for which FMR or an affiliate serves as investment manager.

Prospectus

October __, 2009

(fidelity_logo_graphic)

82 Devonshire Street, Boston, MA 02109

# Contents

|Fund Summary            | <Click
Here> | Investment Summary                      
|----------------------- | ------------ | ----------------------------------------
|                        | <Click
Here> | Performance                             
|                        | <Click
Here> | Fee Table                               
|Fund Basics             | <Click
Here> | Investment Details                      
|                        | <Click
Here> | Valuing Shares                          
|Shareholder Information | <Click
Here> | Buying and Selling Shares               
|                        | <Click
Here> | Account Policies                        
|                        | <Click
Here> | Dividends and Capital Gain Distributions
|                        | <Click
Here> | Tax Consequences                        
|Fund Services           | <Click
Here> | Fund Management                         
|                        | <Click
Here> | Fund Distribution                       

Prospectus

# Fund Summary

### Investment Summary

Investment Objective

Series International Growthseeks capital appreciation.

Principal Investment Strategies

- Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets.
- Normally investing primarily in common stocks.
- Normally investing in companies Fidelity Management & Research Company (FMR) believes have above-average growth potential
(stocks of these companies are often called "growth" stocks).
- Allocating investments across countries and regions.
- Using fundamental analysis to select investments.

Principal Investment Risks

- 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.
- 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.
- Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform
differently from, the market as a whole.
- "Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more
volatile than other types of stocks.

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 they may be worth more or less than what you paid for them, which means that you could lose money.

Investment Objective

Series International Valueseeks capital appreciation.

Principal Investment Strategies

- Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets.
- Normally investing primarily in common stocks.
- Investing in securities of companies that FMR believes are undervalued in the marketplace in relation to factors such as assets, sales,
earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are
often called "value" stocks).

Prospectus

Fund Summary - continued

- Allocating investments across different countries and regions.
- Using fundamental analysis to select investments.

Principal Investment Risks

- 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.
- 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.
- Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform
differently from, the market as a whole.
- "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 they may be worth more or less than what you paid for them, which means that you could lose money.

Investment Objective

Series International Small Cap seeks capital appreciation.

Principal Investment Strategies

- Normally investing primarily in non-U.S. securities, including securities of issuers located in emerging markets.
- Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes of this fund,
are those companies with market capitalizations of $5 billion or less).
- Normally investing primarily in common stocks.
- Allocating investments across different countries and regions.
- Using fundamental analysis to select investments.

Principal Investment Risks

- 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.
- 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.

Prospectus

- Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform
differently from, the market as a whole.
- Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole
and other types of stocks and can be more volatile than that of larger issuers.

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 they may be worth more or less than what you paid for them, which means that you could lose money.

### Performance

Performance history will be available for Class F after Class F has been in operation for one calendar year.

### Fee Table

The following table describes the fees and expenses that may be incurred when you buy, hold, or sell Class F shares of a fund.

### Shareholder fees (paid by the investor directly)

|                                                              | Class F
|------------------------------------------------------------- | -------
|Sales charge (load) on purchases and reinvested distributions | None   
|Deferred sales charge (load) on redemptions                   | None   

### Annual operating expenses (paid from class assets)

|                               | Class F                                 
|------------------------------ | ----------------------------------------
|Series International Growth    | Management feeA                         
|                               | Distribution and/or Service (12b-1) fees
|                               | Other expensesB                         
|                               | Total annual class operating expensesC  
|Series International Value     | Management feeA                         
|                               | Distribution and/or Service (12b-1) fees
|                               | Other expensesB                         
|                               | Total annual class operating expensesC  
|Series International Small Cap | Management feeA                         
|                               | Distribution and/or Service (12b-1) fees
|                               | Other expensesB                         
|                               | Total annual class operating expensesC  

AA portion of the fund's management fee is based on performance relative to a securities index. As a result, beginning November 1, 2010, the current management fee rate and total expense ratio may be
higher or lower than the rate disclosed above. See the Fund Management section for additional details.

BBased on estimated amounts for the current fiscal year.

CFMR has voluntarily agreed to reimburse Class F of each fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary
expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed the following rates:

|                                    | Class F | Effective
Date
|----------------------------------- | ------- | --------------
|Series International Growth Fund    | 1.10%   | _/_/_         
|Series International Value Fund     | 1.10%   | _/_/_         
|Series International Small Cap Fund | 1.25%   | _/_/_         

These arrangements may be discontinued by FMR at any time.

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 Class F's annual return is 5% and that your shareholder fees and Class F'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
sell all of your shares at the end of each time period indicated:

|                               | Class F
|------------------------------ | -------
|Series International Growth    | 1 year 
|3 years                        | $	318  
|Series International Value     | 1 year 
|3 years                        | $	318  
|Series International Small Cap | 1 year 
|3 years                        | $	368  

Prospectus

# Fund Basics

### Investment Details

Investment Objective

Series International Growth seeks capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in non-U.S. securities, including securities of issuers located in emerging markets. FMR
normally invests the fund's assets primarily in common stocks. FMR invests the fund's assets in companies it believes have above-average
growth potential. Growth may be measured by factors such as earnings or revenue.

Companies with high growth potential tend to be companies with higher than average price/earnings (P/E) or price/book (P/B) ratios.
Companies with strong growth potential often have new products, technologies, distribution channels, or other opportunities, or have a
strong industry or market position. The stocks of these companies are often called "growth" stocks.

FMR normally allocates the fund's investments across different countries and regions.

In buying and selling securities for the fund, FMR relies on fundamental analysis, which involves a bottom-up assessment of a company's
potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and
economic and market conditions.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may also use various techniques, such as buying and selling futures contracts and exchange traded funds, 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

Series International Value seeks capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in non-U.S. securities, including securities of issuers located in emerging markets. FMR
normally invests the fund's assets primarily in common stocks.

FMR invests in securities of companies that it believes are undervalued in the marketplace in relation to factors such as the company's assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry. FMR considers
traditional and other measures of value such as P/B ratio, price/sales (P/S) ratio, P/E ratio, earnings relative to enterprise value (the total
value of a company's outstanding equity and debt), and the discounted value of a company's projected future free cash flows. The types of
companies in which the fund may invest include companies experiencing positive fundamental change, such as a new management team or
product launch, a significant cost-cutting initiative, a merger or acquisition, or a reduction in industry capacity that should lead to improved pricing; companies whose earnings potential has increased or is expected to increase more than generally perceived; and companies
that have enjoyed recent market popularity but which appear to have temporarily fallen out of favor for reasons that are considered non-recurring or short-term.

Prospectus

FMR normally allocates the fund's investments across different countries and regions.

In buying and selling securities for the fund, FMR relies on fundamental analysis, which involves a bottom-up assessment of a company's
potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and
economic and market conditions.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may also use various techniques, such as buying and selling futures contracts and exchange traded funds, 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

Series International Small Cap seeks capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in non-U.S. securities, including securities of issuers located in emerging markets.

FMR normally invests at least 80% of the fund's assets in securities of companies with small market capitalizations. Although a universal
definition of small market capitalization companies does not exist, for purposes of this fund, FMR generally defines small market capitalization
companies as those with market capitalizations of $5 billion or less. A company's market capitalization is based on its current market capitalization or its market capitalization at the time of the fund's investment. FMR normally invests the fund's assets primarily in common stocks.

FMR normally allocates the fund's investments across different countries and regions.

In buying and selling securities for the fund, FMR relies on fundamental analysis, which involves a bottom-up assessment of a company's
potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and
economic and market conditions.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Prospectus

Fund Basics - continued

FMR may also use various techniques, such as buying and selling futures contracts and exchange traded funds, 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.

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.

Principal Investment Risks

Many factors affect each fund's performance. A fund's share price changes daily based on changes in market conditions and interest rates
and in response to other economic, political, or financial developments. A fund's reaction to these developments will be affected by the
types of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer,
and the fund's level of investment in the securities of that issuer. When you sell your shares they may be worth more or less than what you
paid for them, which means that you could lose money.

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.
Fluctuations can be dramatic over the short as well as long term, and 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. Changes in the financial condition of a single issuer can impact the market
as a whole. Terrorism and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may
have adverse long-term effects on world economies and markets generally.

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. 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.

Prospectus

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; political 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.

Issuer-Specific Changes. Changes in the financial condition of an issuer or counterparty, 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 a security's or
instrument's value. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers.

"Growth" Investing. "Growth" stocks can react differently to issuer, political, market, and economic developments than the market as a
whole and other types of stocks. "Growth" stocks tend to be more expensive relative to their earnings or assets compared to other types of
stocks. As a result, "growth" stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.

"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.

Small Cap Investing. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers and can
react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. Smaller issuers can have more limited product lines, markets, and financial resources.

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.

Series International Growth Fund seeks capital appreciation.

Series International Value Fund seeks capital appreciation.

Prospectus

Fund Basics - continued

Series International Small Cap Fund seeks capital appreciation.

### Shareholder Notice

The following policy is subject to change only upon 60 days' prior notice to shareholders:

Series International Small Cap normally invests at least 80% of its assets in securities of companies with small market capitalizations.

### Valuing Shares

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

A class's net asset value per share (NAV) is the value of a single share. Fidelity normally calculates Class F's NAV as of the close of business
of the NYSE, normally 4:00 p.m. Eastern time. Each fund's assets normally are valued as of this time for the purpose of computing Class F's
NAV.

NAV is not calculated and a fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by
the Securities and Exchange Commission (SEC).

To the extent that each fund's assets are traded in other markets on days when the fund is not open for business, the value of the fund's
assets may be affected on those days. 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 or official closing prices. Certain short-term securities are valued
on the basis of amortized cost. If market quotations or official closing prices are not readily available or do not accurately reflect fair value
for a security or if a security's value has been materially affected by events occurring before a fund's pricing time but after the close of the
exchange or market on which the security is principally traded, that security will be valued by another method that the Board of Trustees
believes accurately reflects fair value in accordance with the Board's fair value pricing policies. For example, arbitrage opportunities may
exist when trading in a portfolio security or securities is halted and does not resume before a fund calculates its NAV. These arbitrage opportunities may enable short-term traders to dilute the NAV of long-term investors. Securities trading in overseas markets present time
zone arbitrage opportunities when events affecting portfolio security values occur after the close of the overseas market but prior to the
close of the U.S. market. Fair value pricing will be used for high yield debt and floating rate loans when available pricing information is
determined to be stale or for other reasons not to accurately reflect fair value. To the extent a fund invests in other open-end funds, the
fund will calculate its NAV using the NAV of the underlying funds in which it invests as described in the underlying funds' prospectuses. A
fund may invest in other Fidelity funds that use the same fair value pricing policies as the fund or in Fidelity money market funds. A security's valuation may differ depending on the method used for determining value. Fair valuation of a fund's portfolio securities can serve to
reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of the fund's NAV by short-term traders.

Prospectus

# Shareholder Information

### Buying and Selling Shares

A fund may reject for any reason, or cancel as permitted or required by law, any purchase orders, including transactions deemed to represent excessive trading, at any time.

Excessive trading of fund shares can harm shareholders in various ways, including reducing the returns to long-term shareholders by increasing costs to a fund (such as brokerage commissions), disrupting portfolio management strategies, and diluting the value of the shares
in cases in which fluctuations in markets are not fully priced into the fund's NAV.

Because each fund is only offered for investment to certain other registered investment companies managed by FMR or an affiliate, the
potential for excessive or short-term disruptive purchases and sales is reduced. Accordingly, the Board of Trustees has not adopted policies
and procedures designed to discourage excessive trading of fund shares and each fund accommodates frequent trading.

A fund may in its discretion restrict, reject, or cancel any purchases that, in FMR's opinion, may be disruptive to the management of that
fund or otherwise not be in the fund's interests.

Each fund has no exchange privilege with any other fund. Each fund has no limit on purchase transactions, but is only offered for investment to other investment companies managed by FMR or an affiliate, which in turn have in place FMR's policies and procedures concerning
frequent trading. Each fund reserves the right at any time to restrict purchases or impose conditions that are more restrictive on excessive
or disruptive trading than those stated in this prospectus.

### Buying Shares

Each fund offers Class F shares to other investment companies managed by FMR or an affiliate.

Theprice to buyone share of Class F is the class's NAV. Class F shares are sold without a sales charge.

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

Orders by funds of funds for which FMR or an affiliate serves as investment manager will be treated as received by the fund at the same
time that the corresponding orders are received in proper form by the funds of funds.

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:

- All of your purchases must be made by federal funds wire; checks and Automated Clearing House System (ACH) payments will not be
accepted.
- All wires must be received in proper form by Fidelity at the applicable fund's designated wire bank before the close of the Federal Reserve
Wire System on the day of purchase or you could be liable for any losses or fees a fund or Fidelity has incurred or for interest and penalties.

Prospectus

- Under applicable anti-money laundering regulations and other federal regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

### Selling Shares

The price to sell one share of Class F is the class's NAV.

Your shares will be sold at the next NAV calculated after your order is received in proper form. Normally, redemptions will be processed by the
next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect a
fund.

Orders by funds of funds for which FMR or an affiliate serves as investment manager will be treated as received by the fund at the same time that
the corresponding orders are received in proper form by the funds of funds.

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

- 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.
- 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.
- Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted,
canceled, or processed and the proceeds may be withheld.

### Account Policies

The following policy applies to you as a shareholder.

- Fidelity will send monthly account statements detailing account balances and all transactions completed during the prior month.

You may be asked to provide additional information in order for Fidelity to verify your identity in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information
or as otherwise required under these and other federal regulations.

### 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.

Each fund normally pays dividends and capital gain distributions in December.

Your dividends and capital gain distributions will be paid in cash or, at your election, automatically reinvested in additional shares of the
fund.

Prospectus

Shareholder Information - continued

### 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, certain of each fund's distributions, including dividends and distributions of short-term capital gains, are taxable
to you as ordinary income, while certain of each fund's distributions, including distributions of long-term capital gains, are taxable to you
generally as capital gains. A percentage of certain distributions of dividends may qualify for taxation at long-term capital gains rates (provided certain holding period requirements are met).

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 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.

Prospectus

# 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. The address of FMR and its affiliates, unless otherwise indicated below, is 82 Devonshire Street, Boston, Massachusetts 02109.

As of December 31, 2008, FMR had approximately $1.1 billion in discretionary assets under management.

As the manager, FMR has overall responsibility for directing each fund's investments and handling its business affairs.

FMR Co., Inc. (FMRC) serves as a sub-adviser for each fund. FMRC has day-to-day responsibility for choosing investments for each fund.

FMRC is an affiliate of FMR. As of December 31, 2008, FMRC had approximately $433.3 billion in discretionary assets under management.

Fidelity Research & Analysis Company (FRAC), an affiliate of FMR, was organized in 1986. FRAC serves as a sub-adviser for each fund and
may provide investment research and advice for the funds.

Affiliates assist FMR with foreign investments:

- Fidelity Management & Research (U.K.) Inc. (FMR U.K.), at 10 Paternoster Square, London, EC4M 7DY, England, serves as a sub-adviser
for each fund. As of  December 31, 2008, FMR U.K. had approximately $8.5 billion in discretionary assets under management. FMR U.K. may
provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for
each fund.
- Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at 41 Connaught Road Central, Hong Kong, serves as a sub-adviser
for each fund. FMR H.K. was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR
H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund.
- Fidelity Management & Research (Japan) Inc. (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo
105-0001, Japan, serves as a sub-adviser for each fund. FMR Japan was organized in 2008 to provide investment research and advice on
issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States
and may also provide investment advisory services for each fund.
- FIL Investment Advisors (FIIA), at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda, serves as a sub-adviser for each fund. As of
June 30, 2008, FIIA had approximately $21.3 billion in discretionary assets under management. FIIA may provide investment research and
advice on issuers based outside the United States and may also provide investment advisory services for each fund.

Prospectus

Fund Services - continued

- FIL Investment Advisors (U.K.) Ltd. (FIIA(U.K.)L), at Oakhill House, 130 Tonbridge Road, Hildenborough, TN11 9DZ, England, serves as
a sub-adviser for each fund. As of June 30, 2008, FIIA(U.K.)L had approximately $10.9 billion in discretionary assets under management.
FIIA(U.K.)L may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund.
- Fidelity Investments Japan Limited (FIJ), at Shiroyama Trust Tower, 4-3-1 Toranomon Minato-ku, Tokyo 105-6019, Japan, serves as a
sub-adviser for each fund. As of June 30, 2008, FIJ had approximately $44 billion in discretionary assets under management. FIJ may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each
fund.

Jed Weiss is manager of Series International Growth Fund and Series International Small Cap Fund, both of which he has managed since
their inception in October 2009. He also manages other Fidelity funds. Since joining Fidelity Investments in 1997, Mr. Weiss has worked as a
research analyst and portfolio manager.

George Stairs is manager of Series International Value Fund, which he has managed since its inception in October 2009. Mr. Stairs joined
Fidelity Investments in 2005 as a portfolio manager. Prior to joining Fidelity, Mr. Stairs was a senior equity portfolio manager for Putnam
Investments from 1996 until 2005.

The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by,
and any fund shares held by Messrs. Weiss and Stairs.

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.

Each fund pays a management fee to FMR. The management fee is calculated and paid to FMR every month. 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 Series International Growth has performed relative to the MSCI EAFE® (Europe, Australasia, Far East)
Growth Index, Series International Value has performed relative to the MSCI EAFE Value Index, or Series International Small Cap has performed relative to the MSCI EAFE Small Cap Index.

Prospectus

|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.

For June 2009, the group fee rate was 0.26%. The individual fund fee rate is 0.45% for Series International Growth and Series International
Value, and 0.60% for Series International Small Cap.

The performance adjustment rate is calculated monthly by comparing over the performance period Series International Growth's performance to that of the MSCI EAFE Growth Index, Series International Value's performance to that of the MSCI EAFE Value Index, or Series
International Small Cap's performance to that of the MSCI EAFE Small Cap Index.

For the purposes of calculating the performance adjustment for each fund, the fund's investment performance will be based on the performance of the retail class of the fund.

For each fund, the performance period will begin on December 1, 2009 and will eventually include 36 months. The performance adjustment
will not take effect until November 1, 2010.

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

FMR pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services. FMR and its affiliates pay FRAC for providing sub-advisory services. FMR pays FIIA for providing sub-advisory services, and FIIA in turn pays FIIA(U.K.)L. FIIA in turn pays FIJ for providing sub-advisory services.

The basis for the Board of Trustees approving the management contract and sub-advisory agreements for each fund will be included in
each fund's semiannual report for the fiscal period ended April 30, 2010, when available.

FMR may, from time to time, agree to reimburse the fund for management fees and other expenses above a specified limit. FMR retains the ability
to be repaid by the 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 the fund's expenses and boost its performance.

### Fund Distribution

Each fund is composed of multiple classes of shares. All classes of a fund have a common investment objective and investment portfolio.

Prospectus

Fund Services - continued

Each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) with
respect to Class F shares 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 Fidelity Distributors Corporation (FDC) for expenses incurred in connection with providing services intended to
result in the sale of Class F shares of each fund and/or shareholder support services. FMR, directly or through FDC, may pay significant
amounts to intermediaries, including retirement plan sponsors, service-providers, and administrators, that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for Class F shares of each fund.

If payments made by FMR to FDC or to intermediaries under a Distribution and Service Plan were considered to be paid out of a class's assets on an ongoing basis, they might increase the cost of your investment and might cost you more than paying other types of sales charges.

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 prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such
other information or representations must not be relied upon as having been authorized by the funds or FDC. This prospectus 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.

Prospectus

|IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
(USA PATRIOT ACT), requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account.
For investors other than individuals:When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN) and
may be requested to provide information on persons with authority or control over the account such as name, residential address, date of birth and social security number. You may also be asked to provide
documents, such as drivers' licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help Fidelity identify the entity.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

You can obtain additional information about the fund. A description of the fund's policies and procedures for disclosing its holdings is available in its SAI and on Fidelity's web
sites. The SAI also includes more detailed information about the fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). A
financial report will be available once the fund has completed its first annual or semi-annual period. The fund's annual and semi-annual reports also include additional information.
The fund's annual report includes 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 the fund, call Fidelity at 1-800-835-5092. In addition, you may visit Fidelity's
web site at www.401k.com for a free copy of a prospectus or annual or semi-annual report or to request other information. The fund does not currently post SAIs to
www.401k.com as SAIs are available upon request.

|The SAIs, the funds' annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the
SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing
the Public Reference Section of the SEC, Washington, D.C. 20549-0102. You can also review and copy information about the funds, including the funds' SAIs, at the SEC's Public
Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room.
Investment Company Act of 1940, File Number, 811-02105
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling
SIPC at 202-371-8300.

Fidelity and Fidelity Investments & (Pyramid) Design are registered trademarks of FMR LLC.

The third party marks appearing above are the marks of their respective owners.

1.901067.100	GSV-F-red-0809

SUBJECT TO COMPLETION. PRELIMINARY STATEMENT OF ADDITIONAL INFORMATION DATED August 11, 2009.
The information in this statement of additional information is not complete and may be changed. We may not sell these securities
until the registration statement filed with the Securities and Exchange Commission is effective. This statement of additional
information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or
sale is not permitted.

Fidelity®Series International Growth Fund

Fidelity Series International Value Fund

Fidelity Series International Small Cap Fund

Class F

Funds of Fidelity Investment Trust

STATEMENT OF ADDITIONAL INFORMATION

October _, 2009

This statement of additional information (SAI) is not a prospectus. An annual report for each fund will be
available once the fund has completed its first annual period.

To obtain a free additional copy of the prospectus or SAI, dated October _, 2009, please call Fidelity at
1-800-835-5092 or visit Fidelity's web site at www.401k.com.

|TABLE OF CONTENTS                                               | PAGE        
|--------------------------------------------------------------- | ------------
|Investment Policies and Limitations                             | <Click
Here>
|Special Considerations Regarding Canada                         | <Click
Here>
|Special Considerations Regarding Europe                         | <Click
Here>
|Special Considerations Regarding Japan                          | <Click
Here>
|Special Considerations Regarding Asia Pacific Region (ex Japan) | <Click
Here>
|Special Considerations Regarding Latin America                  | <Click
Here>
|Special Considerations Regarding Emerging Markets               | <Click
Here>
|Special Considerations Regarding Russia                         | <Click
Here>
|Special Considerations Regarding the Middle East and Africa     | <Click
Here>
|Portfolio Transactions                                          | <Click
Here>
|Valuation                                                       | <Click
Here>
|Buying and Selling Information                                  | <Click
Here>
|Distributions and Taxes                                         | <Click
Here>
|Trustees and Officers                                           | <Click
Here>
|Control of Investment Advisers                                  | <Click
Here>
|Management Contract                                             | <Click
Here>
|Proxy Voting Guidelines                                         | <Click
Here>
|Distribution Services                                           | <Click
Here>
|Transfer and Service Agent Agreements                           | <Click
Here>
|Description of the Trust                                        | <Click
Here>
|Fund Holdings Information                                       | <Click
Here>
|Appendix                                                        | <Click
Here>

GSV-F-redb-0809
1.901068.100

(fidelity_logo_graphic)

82 Devonshire Street, Boston, MA 02109

INVESTMENT POLICIES AND LIMITATIONS

The following policies and limitations supplement those set forth in the prospectus. 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 (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.

The following are each fund's fundamental investment limitations set forth in their entirety.

Diversification

For each fund:

The fund may not 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.

Senior Securities

For each fund:

The fund may not 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.

Borrowing

For each fund:

The fund may not 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.

Underwriting

For each fund:

The fund may not 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 or in connection with investments in other investment
companies.

Concentration

For each fund:

The fund may not 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.

For purposes of each of Series International Growth's, Series International Value's, and Series International Small Cap's concentration limitation discussed above, with respect to any investment in Fidelity® Money Market Central Fund and/or any non-money market central fund, Fidelity Management & Research Company (FMR) looks through to the holdings of the central fund.

For purposes of Series International Growth's, Series International Value's, and Series International Small Cap's concentration
limitation discussed above, FMR may analyze the characteristics of a particular issuer and security and assign an industry or sector
classification consistent with those characteristics in the event that the third party classification provider used by FMR does not
assign a classification.

Real Estate

For each fund:

The fund may not 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).

Commodities

For each fund:

The fund may not 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).

Loans

For each fund:

The fund may not 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, or to acquisitions of loans, loan
participations or other forms of debt instruments.

The following investment limitations are not fundamental and may be changed without shareholder approval.

Short Sales

For each fund:

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.

Margin Purchases

For each fund:

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.

Borrowing

For each fund:

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 the fundamental borrowing investment limitation).

Illiquid Securities

For each fund:

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.

For purposes of each fund's illiquid securities limitation discussed above, 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.

Loans

For each fund:

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) assuming any unfunded commitments in connection with the acquisition of loans, loan participations, or other forms of debt instruments. (This
limitation does not apply to purchases of debt securities, to repurchase agreements, or to acquisitions of loans, loan participations or other
forms of debt instruments.)

In addition to each fund's fundamental and non-fundamental limitations discussed above:

For a fund's limitations on futures and options transactions, see the section entitled "Futures, Options, and Swaps" on page 7.

The following pages contain more detailed information about types of instruments in which a fund may invest, strategies FMR may
employ in pursuit of a fund's investment objective, and a summary of related risks. FMR may not buy all of these instruments or use
all of these techniques unless it believes that doing so will help a fund achieve its goal.

Affiliated Bank Transactions. A fund may engage in transactions with financial institutions that are, or may be considered to be,
"affiliated persons" of the fund under the 1940 Act. These transactions may involve repurchase agreements with custodian banks; short-term obligations of, and repurchase agreements with, the 50 largest U.S. banks (measured by deposits); municipal securities; U.S. Government securities with affiliated financial institutions that are primary dealers in these securities; short-term currency transactions; and
short-term borrowings. In accordance with exemptive orders issued by the Securities and Exchange Commission (SEC), the Board of
Trustees has established and periodically reviews procedures applicable to transactions involving affiliated financial institutions.

Borrowing. Each fund may borrow from banks or from other funds advised by FMR or its affiliates, or through reverse repurchase
agreements. If a fund borrows money, its share price may be subject to greater fluctuation until the borrowing is paid off. If a fund makes
additional investments while borrowings are outstanding, this may be considered a form of leverage.

Cash Management. A fund can hold uninvested cash or can invest it in cash equivalents such as money market securities, repurchase
agreements, or shares of money market or short-term bond funds. Generally, these securities offer less potential for gains than other types
of securities.

Central Funds are special types of investment vehicles created by Fidelity for use by the Fidelity funds and other advisory clients.
FMR uses central funds to invest in particular security types or investment disciplines, or for cash management. Central funds incur
certain costs related to their investment activity (such as custodial fees and expenses), but do not pay additional management fees to
Fidelity. The investment results of the portions of the fund's assets invested in the central funds will be based upon the investment results
of those funds.

Common Stock represents an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the
claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

Convertible Securities are bonds, debentures, notes, or other securities that may be converted or exchanged (by the holder or by the
issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible
security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a
specified price) established upon issue. If a convertible security held by a fund is called for redemption or conversion, the fund could be
required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide
yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher
yield, convertible securities generally sell at prices above their "conversion value," which is the current market value of the stock to be
received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in
value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of
principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the
holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the
difference between the market value of convertible securities and their conversion value will narrow, which means that the value of
convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible
securities may also be interest-rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible
securities are also subject to credit risk, and are often lower-quality securities.

Country or Geographic Region. FMR considers a number of factors to determine whether an investment is tied economically to a
particular country or region including: whether the investment is issued or guaranteed by a particular government or any of its agencies,
political subdivisions, or instrumentalities; whether the investment has its primary trading market in a particular country or region;
whether the issuer is organized under the laws of, derives at least 50% of its revenues from, or has at least 50% of its assets in a particular
country or region; whether the investment is included in an index representative of a particular country or region; and whether the investment is exposed to the economic fortunes and risks of a particular country or region.

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, usually at the maturity of the security. Some debt securities, such as zero coupon bonds, do not pay interest
but are sold at a deep discount from their face values. Debt securities include corporate bonds, government securities, repurchase agreements, and mortgage and other asset-backed securities.

Exposure to Foreign Markets. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign
operations may involve significant risks in addition to the risks inherent in U.S. investments.

Foreign investments involve risks relating to local political, economic, regulatory, or social instability, military action or unrest, or
adverse diplomatic developments, and may be affected by actions of foreign governments adverse to the interests of U.S. investors. Such
actions may include expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment or on the ability to
repatriate assets or convert currency into U.S. dollars, or other government intervention. Additionally, governmental issuers of foreign
debt securities may be unwilling to pay interest and repay principal when due and may require that the conditions for payment be renegotiated. There is no assurance that FMR will be able to anticipate these potential events or counter their effects. In addition, the value of
securities denominated in foreign currencies and of dividends and interest paid with respect to such securities will fluctuate based on the
relative strength of the U.S. dollar.

It is anticipated that in most cases the best available market for foreign securities will be on an exchange or in over-the-counter (OTC)
markets located outside of the United States. Foreign stock markets, while growing in volume and sophistication, are generally not as
developed as those in the United States, and securities of some foreign issuers may be less liquid and more volatile than securities of
comparable U.S. issuers. Foreign security trading, settlement and custodial practices (including those involving securities settlement
where fund assets may be released prior to receipt of payment) are often less developed than those in U.S. markets, and may result in
increased risk or substantial delays in the event of a failed trade or the insolvency of, or breach of duty by, a foreign broker-dealer, securities depository, or foreign subcustodian. In addition, the costs associated with foreign investments, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than with U.S. investments.

Foreign markets may offer less protection to investors than U.S. markets. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to U.S. issuers. Adequate
public information on foreign issuers may not be available, and it may be difficult to secure dividends and information regarding corporate actions on a timely basis. In general, there is less overall governmental supervision and regulation of securities exchanges, brokers,
and listed companies than in the United States. OTC markets tend to be less regulated than stock exchange markets and, in certain countries, may be totally unregulated. Regulatory enforcement may be influenced by economic or political concerns, and investors may have
difficulty enforcing their legal rights in foreign countries.

Some foreign securities impose restrictions on transfer within the United States or to U.S. persons. Although securities subject to such
transfer restrictions may be marketable abroad, they may be less liquid than foreign securities of the same class that are not subject to such
restrictions.

American Depositary Receipts (ADRs) as well as other "hybrid" forms of ADRs, including European Depositary Receipts (EDRs)
and Global Depositary Receipts (GDRs), are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued
by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust
by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of
the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate
actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However,
ADRs continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign
exchange risk as well as the political and economic risks of the underlying issuer's country.

The risks of foreign investing may be magnified for investments in emerging markets. Security prices in emerging markets can be
significantly more volatile than those in more developed markets, reflecting the greater uncertainties of investing in less established
markets and economies. In particular, countries with emerging markets may have relatively unstable governments, may present the risks
of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less
protection of property rights than more developed countries. The economies of countries with emerging markets may be based on only a
few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt
burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to
increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.

Foreign Currency Transactions. A fund may conduct foreign currency transactions on a spot (i.e., cash) or forward basis (i.e., by
entering into forward contracts to purchase or sell foreign currencies). Although foreign exchange dealers generally do not charge a fee
for such conversions, they do realize a profit based on the difference between the prices at which they are buying and selling various
currencies. Thus, a dealer may offer to sell a foreign currency at one rate, while offering a lesser rate of exchange should the counterparty
desire to resell that currency to the dealer. Forward contracts are customized transactions that require a specific amount of a currency to
be delivered at a specific exchange rate on a specific date or range of dates in the future. Forward contracts are generally traded in an
interbank market directly between currency traders (usually large commercial banks) and their customers. The parties to a forward contract may agree to offset or terminate the contract before its maturity, or may hold the contract to maturity and complete the contemplated
currency exchange.

The following discussion summarizes the principal currency management strategies involving forward contracts that could be used
by a fund. A fund may also use swap agreements, indexed securities, and options and futures contracts relating to foreign currencies for
the same purposes.

A "settlement hedge" or "transaction hedge" is designed to protect a fund against an adverse change in foreign currency values between the date a security is purchased or sold and the date on which payment is made or received. Entering into a forward contract for the
purchase or sale of the amount of foreign currency involved in an underlying security transaction for a fixed amount of U.S. dollars "locks
in" the U.S. dollar price of the security. Forward contracts to purchase or sell a foreign currency may also be used by a fund in anticipation
of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected by
FMR.

A fund may also use forward contracts to hedge against a decline in the value of existing investments denominated in foreign currency. For example, if a fund owned securities denominated in pounds sterling, it could enter into a forward contract to sell pounds sterling in
return for U.S. dollars to hedge against possible declines in the pound's value. Such a hedge, sometimes referred to as a "position hedge,"
would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other
factors. A fund could also hedge the position by selling another currency expected to perform similarly to the pound sterling. This type of
hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally would not
hedge currency exposure as effectively as a direct hedge into U.S. dollars. Proxy hedges may result in losses if the currency used to hedge
does not perform similarly to the currency in which the hedged securities are denominated.

A fund may enter into forward contracts to shift its investment exposure from one currency into another. This may include shifting
exposure from U.S. dollars to a foreign currency, or from one foreign currency to another foreign currency. This type of strategy, sometimes known as a "cross-hedge," will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased, much as if a fund had sold a security denominated in one currency and purchased an equivalent security denominated
in another. A fund may cross-hedge its U.S. dollar exposure in order to achieve a representative weighted mix of the major currencies in
its benchmark index and/or to cover an underweight country or region exposure in its portfolio. Cross-hedges protect against losses resulting from a decline in the hedged currency, but will cause a fund to assume the risk of fluctuations in the value of the currency it
purchases.

Successful use of currency management strategies will depend on FMR's skill in analyzing currency values. Currency management
strategies may substantially change a fund's investment exposure to changes in currency exchange rates and could result in losses to a
fund if currencies do not perform as FMR anticipates. For example, if a currency's value rose at a time when FMR had hedged a fund by
selling that currency in exchange for dollars, a fund would not participate in the currency's appreciation. If FMR hedges currency exposure through proxy hedges, a fund could realize currency losses from both the hedge and the security position if the two currencies do not
move in tandem. Similarly, if FMR increases a fund's exposure to a foreign currency and that currency's value declines, a fund will
realize a loss. A fund may be required to limit its hedging transactions in foreign currency forwards, futures, and options in order to
maintain its classification as a "regulated investment company" under the Internal Revenue Code (Code). Hedging transactions could
result in the application of the mark-to-market provisions of the Code, which may cause an increase (or decrease) in the amount of taxable
dividends paid by a fund and could affect whether dividends paid by a fund are classified as capital gains or ordinary income. There is no
assurance that FMR's use of currency management strategies will be advantageous to a fund or that it will employ currency management
strategies at appropriate times.

Options and Futures Relating to Foreign Currencies. Currency futures contracts are similar to forward currency exchange contracts, except that they are traded on exchanges (and have margin requirements) and are standardized as to contract size and delivery date.
Most currency futures contracts call for payment or delivery in U.S. dollars. The underlying instrument of a currency option may be a
foreign currency, which generally is purchased or delivered in exchange for U.S. dollars, or may be a futures contract. The purchaser of a
currency call obtains the right to purchase the underlying currency, and the purchaser of a currency put obtains the right to sell the underlying currency.

The uses and risks of currency options and futures are similar to options and futures relating to securities or indices, as discussed
below. A fund may purchase and sell currency futures and may purchase and write currency options to increase or decrease its exposure to
different foreign currencies. Currency options may also be purchased or written in conjunction with each other or with currency futures or
forward contracts. Currency futures and options values can be expected to correlate with exchange rates, but may not reflect other factors
that affect the value of a fund's investments. A currency hedge, for example, should protect a Yen-denominated security from a decline in
the Yen, but will not protect a fund against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value
of a fund's foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to
match the amount of currency options and futures to the value of the fund's investments exactly over time.

Foreign Repurchase Agreements. Foreign repurchase agreements involve an agreement to purchase a foreign security and to sell
that security back to the original seller at an agreed-upon price in either U.S. dollars or foreign currency. Unlike typical U.S. repurchase
agreements, foreign repurchase agreements may not be fully collateralized at all times. The value of a security purchased by a fund may
be more or less than the price at which the counterparty has agreed to repurchase the security. In the event of default by the counterparty,
the fund may suffer a loss if the value of the security purchased is less than the agreed-upon repurchase price, or if the fund is unable to
successfully assert a claim to the collateral under foreign laws. As a result, foreign repurchase agreements may involve higher credit risks
than repurchase agreements in U.S. markets, as well as risks associated with currency fluctuations. In addition, as with other emerging
market investments, repurchase agreements with counterparties located in emerging markets or relating to emerging markets may involve issuers or counterparties with lower credit ratings than typical U.S. repurchase agreements.

Funds' Rights as Investors. The funds do not intend to direct or administer the day-to-day operations of any company. A fund, however, may exercise its rights as a shareholder or lender and may communicate its views on important matters of policy to management, the
Board of Directors, shareholders of a company, and holders of other securities of the company when FMR determines that such matters
could have a significant effect on the value of the fund's investment in the company. The activities in which a fund may engage, either
individually or in conjunction with others, may include, among others, supporting or opposing proposed changes in a company's corporate structure or business activities; seeking changes in a company's directors or management; seeking changes in a company's direction
or policies; seeking the sale or reorganization of the company or a portion of its assets; supporting or opposing third-party takeover efforts; supporting the filing of a bankruptcy petition; or foreclosing on collateral securing a security. This area of corporate activity is
increasingly prone to litigation and it is possible that a fund could be involved in lawsuits related to such activities. FMR will monitor
such activities with a view to mitigating, to the extent possible, the risk of litigation against a fund and the risk of actual liability if a fund is
involved in litigation. No guarantee can be made, however, that litigation against a fund will not be undertaken or liabilities incurred. The
funds' proxy voting guidelines are included in this SAI.

Futures, Options, and Swaps. The success of any strategy involving futures, options, and swaps depends on an adviser's analysis of
many economic and mathematical factors and a fund's return may be higher if it never invested in such instruments. Additionally, some
of the contracts discussed below are new instruments without a trading history and there can be no assurance that a market for the instruments will continue to exist.

Futures Contracts. In purchasing a futures contract, the buyer agrees to purchase a specified underlying instrument at a specified
future date. In selling a futures contract, the seller agrees to sell a specified underlying instrument at a specified future date. The price at
which the purchase and sale will take place is fixed when the buyer and seller enter into the contract. Some currently available futures
contracts are based on specific securities and some are based on indices of securities prices. Futures can be held until their delivery dates,
or can be closed out before then if a liquid market is available.

Futures may be based on foreign indexes such as the Compagnie des Agents de Change 40 Index (CAC 40) in France, the Deutscher
Aktienindex (DAX 30) in Germany, the Financial Times Stock Exchange Eurotop 100 Index (FTSE Eurotop 100) in Europe, the IBEX 35
Index (IBEX 35) in Spain, the Financial Times Stock Exchange 100 Index (FTSE 100) in the United Kingdom, the Australian Stock
Exchange All Ordinaries Index (ASX All Ordinaries) in Australia, the Hang Seng Index in Hong Kong, and the Nikkei Stock Average
(Nikkei 225), the Nikkei Stock Index 300 (Nikkei 300), and the Tokyo Stock Exchange Stock Price Index (TOPIX) in Japan.

The value of a futures contract tends to increase and decrease in tandem with the value of its underlying instrument. Therefore, purchasing futures contracts will tend to increase a fund's exposure to positive and negative price fluctuations in the underlying instrument,
much as if it had purchased the underlying instrument directly. When a fund sells a futures contract, by contrast, the value of its futures
position will tend to move in a direction contrary to the market. Selling futures contracts, therefore, will tend to offset both positive and
negative market price changes, much as if the underlying instrument had been sold.

The purchaser or seller of a futures contract or an option for a futures contract is not required to deliver or pay for the underlying
instrument unless the contract is held until the delivery date. However, both the purchaser and seller are required to deposit "initial margin" with a futures broker, known as a futures commission merchant (FCM), when the contract is entered into. If the value of either party's
position declines, that party will be required to make additional "variation margin" payments to settle the change in value on a daily basis.
This process of "marking to market" will be reflected in the daily calculation of open positions computed in a fund's net asset value per
share (NAV). The party that has a gain is entitled to receive all or a portion of this amount. Initial and variation margin payments do not
constitute purchasing securities on margin for purposes of a fund's investment limitations. In the event of the bankruptcy or insolvency of
an FCM that holds margin on behalf of a fund, the fund may be entitled to return of margin owed to it only in proportion to the amount
received by the FCM's other customers, potentially resulting in losses to the fund. A fund is required to segregate liquid assets equivalent
to the fund's outstanding obligations under the contract in excess of the initial margin and variation margin, if any.

Although futures exchanges generally operate similarly in the United States and abroad, foreign futures exchanges may follow trading, settlement, and margin procedures that are different from those for U.S. exchanges. Futures contracts traded outside the United
States may involve greater risk of loss than U.S.-traded contracts, including potentially greater risk of losses due to insolvency of a futures
broker, exchange member, or other party that may owe initial or variation margin to a fund. Because initial and variation margin payments may be measured in foreign currency, a futures contract traded outside the United States may also involve the risk of foreign currency fluctuation.

Each fund will not: (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the fund's total
assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result,
the fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its
total assets under normal conditions; or (c) purchase call options if, as a result, the current value of option premiums for call options
purchased by the fund would exceed 5% of the fund's total assets. These limitations do not apply to options attached to or acquired or
traded together with their underlying securities, and do not apply to structured notes.

The requirements for qualification as a regulated investment company also may limit the extent to which a fund may enter into futures, options on futures and forward contracts. See "Distributions and Taxes."

The above limitations on the funds' investments in futures contracts, options, and swaps, and the funds' policies regarding futures
contracts, options, and swaps discussed elsewhere herein this SAI are not fundamental policies and may be changed as regulatory agencies permit.

There is no assurance a liquid market will exist for any particular futures contract at any particular time. Exchanges may establish
daily price fluctuation limits for futures contracts, and may halt trading if a contract's price moves upward or downward more than the
limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible
to enter into new positions or close out existing positions. If the market for a contract is not liquid because of price fluctuation limits or
other market conditions, it could prevent prompt liquidation of unfavorable positions, and potentially could require a fund to continue to
hold a position until delivery or expiration regardless of changes in its value. As a result, a fund's access to other assets held to cover its
futures positions could also be impaired.

Because there are a limited number of types of exchange-traded futures contracts, it is likely that the standardized contracts available
will not match a fund's current or anticipated investments exactly. A fund may invest in futures contracts based on securities with different issuers, maturities, or other characteristics from the securities in which the fund typically invests, which involves a risk that the futures
position will not track the performance of the fund's other investments.

Futures prices can also diverge from the prices of their underlying instruments, even if the underlying instruments match a fund's
investments well. Futures prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of
the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices the same way.
Imperfect correlation may also result from differing levels of demand in the futures markets and the securities markets, from structural
differences in how futures and securities are traded, or from imposition of daily price fluctuation limits or trading halts. A fund may
purchase or sell futures contracts with a greater or lesser value than the securities it wishes to hedge or intends to purchase in order to
attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all
cases. If price changes in a fund's futures positions are poorly correlated with its other investments, the positions may fail to produce
anticipated gains or result in losses that are not offset by gains in other investments.

Options. By purchasing a put option, the purchaser obtains the right (but not the obligation) to sell the option's underlying instrument
at a fixed strike price. In return for this right, the purchaser pays the current market price for the option (known as the option premium).
Options have various types of underlying instruments, including specific securities, indices of securities prices, and futures contracts.
The purchaser may terminate its position in a put option by allowing it to expire or by exercising the option. If the option is allowed to
expire, the purchaser will lose the entire premium. If the option is exercised, the purchaser completes the sale of the underlying instrument at the strike price. A purchaser may also terminate a put option position by closing it out in the secondary market at its current price,
if a liquid secondary market exists.

The buyer of a typical put option can expect to realize a gain if security prices fall substantially. However, if the underlying instrument's price does not fall enough to offset the cost of purchasing the option, a put buyer can expect to suffer a loss (limited to the amount
of the premium, plus related transaction costs).

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right
to purchase, rather than sell, the underlying instrument at the option's strike price. A call buyer typically attempts to participate in potential price increases of the underlying instrument with risk limited to the cost of the option if security prices fall. At the same time, the
buyer can expect to suffer a loss if security prices do not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option's purchaser. In return for receipt of the
premium, the writer assumes the obligation to pay or receive the strike price for the option's underlying instrument if the other party to the
option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by closing out the option in the
secondary market at its current price. If the secondary market is not liquid for a put option, however, the writer must continue to be
prepared to pay the strike price while the option is outstanding, regardless of price changes. When writing an option on a futures contract,
a fund will be required to make margin payments to an FCM as described above for futures contracts.

If security prices rise, a put writer would generally expect to profit, although its gain would be limited to the amount of the premium it
received. If security prices remain the same over time, it is likely that the writer will also profit, because it should be able to close out the
option at a lower price. If security prices fall, the put writer would expect to suffer a loss. This loss should be less than the loss from
purchasing the underlying instrument directly, however, because the premium received for writing the option should mitigate the effects
of the decline.

Writing a call option obligates the writer to sell or deliver the option's underlying instrument, in return for the strike price, upon
exercise of the option. The characteristics of writing call options are similar to those of writing put options, except that writing calls
generally is a profitable strategy if prices remain the same or fall. Through receipt of the option premium, a call writer mitigates the
effects of a price decline. At the same time, because a call writer must be prepared to deliver the underlying instrument in return for the
strike price, even if its current value is greater, a call writer gives up some ability to participate in security price increases.

Each fund will not: (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the fund's total
assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result,
the fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its
total assets under normal conditions; or (c) purchase call options if, as a result, the current value of option premiums for call options
purchased by the fund would exceed 5% of the fund's total assets. These limitations do not apply to options attached to or acquired or
traded together with their underlying securities, and do not apply to structured notes.

The requirements for qualification as a regulated investment company also may limit the extent to which a fund may enter into futures, options on futures and forward contracts. See "Distributions and Taxes."

The above limitations on the funds' investments in futures contracts, options, and swaps, and the funds' policies regarding futures
contracts, options, and swaps discussed elsewhere herein this SAI are not fundamental policies and may be changed as regulatory agencies permit.

There is no assurance a liquid market will exist for any particular options contract at any particular time. Options may have relatively
low trading volume and liquidity if their strike prices are not close to the underlying instrument's current price. In addition, exchanges
may establish daily price fluctuation limits for options contracts, and may halt trading if a contract's price moves upward or downward
more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may
be impossible to enter into new positions or close out existing positions. If the market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions, and potentially could require a fund to continue to
hold a position until delivery or expiration regardless of changes in its value. As a result, a fund's access to other assets held to cover its
options positions could also be impaired.

Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and
strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other
party to the option contract. While this type of arrangement allows the purchaser or writer greater flexibility to tailor an option to its
needs, OTC options generally are less liquid and involve greater credit risk than exchange-traded options, which are backed by the clearing organization of the exchanges where they are traded.

Combined positions involve purchasing and writing options in combination with each other, or in combination with futures or forward
contracts, to adjust the risk and return characteristics of the overall position. For example, purchasing a put option and writing a call
option on the same underlying instrument would construct a combined position whose risk and return characteristics are similar to selling
a futures contract. Another possible combined position would involve writing a call option at one strike price and buying a call option at a
lower price, to reduce the risk of the written call option in the event of a substantial price increase. Because combined options positions
involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

A fund may also buy and sell options on swaps. Options on interest rate swaps are known as swaptions. An option on a swap gives a
party the right to enter into a new swap agreement or to extend, shorten, cancel or modify an existing swap contract at a specific date in the
future in exchange for a premium.

Because there are a limited number of types of exchange-traded options contracts, it is likely that the standardized contracts available
will not match a fund's current or anticipated investments exactly. A fund may invest in options contracts based on securities with different issuers, maturities, or other characteristics from the securities in which the fund typically invests, which involves a risk that the options position will not track the performance of the fund's other investments.

Options prices can also diverge from the prices of their underlying instruments, even if the underlying instruments match a fund's
investments well. Options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of
the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices the same way.
Imperfect correlation may also result from differing levels of demand in the options and futures markets and the securities markets, from
structural differences in how options and futures and securities are traded, or from imposition of daily price fluctuation limits or trading
halts. A fund may purchase or sell options contracts with a greater or lesser value than the securities it wishes to hedge or intends to
purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be
successful in all cases. If price changes in a fund's options positions are poorly correlated with its other investments, the positions may fail
to produce anticipated gains or result in losses that are not offset by gains in other investments.

Swap Agreements. Swaps are individually negotiated and structured to include exposure to a variety of different types of investments
or market factors. Swap agreements are two party contracts entered into primarily by institutional investors. Swap agreements can vary in
term like other fixed-income investments. Most swap agreements are traded over-the-counter. In a standard "swap" transaction, two
parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or
instruments. The gross returns to be exchanged or swapped between the parties are calculated with respect to a notional amount, which is
the predetermined dollar principal of the trade representing the hypothetical underlying quantity upon which payment obligations are
computed.

Swap agreements can take many different forms and are known by a variety of names. Depending on how they are used, swap agreements may increase or decrease the overall volatility of a fund's investments and its share price.

In a credit default swap, the credit default protection buyer makes periodic payments, known as premiums, to the credit default
protection seller. In return the credit default protection seller will make a payment to the credit default protection buyer upon the occurrence of a specified credit event. A credit default swap can refer to a single issuer or asset, a basket of issuers or assets or index of assets,
each known as the reference entity or underlying asset. A fund may act as either the buyer or the seller of a credit default swap. A fund may
buy or sell credit default protection on a basket of issuers or assets, even if a number of the underlying assets referenced in the basket are
lower-quality debt securities. In an unhedged credit default swap, a fund buys credit default protection on a single issuer or asset, a basket
of issuers or assets or index of assets without owning the underlying asset or debt issued by the reference entity. Credit default swaps
involve greater and different risks than investing directly in the referenced asset, because, in addition to market risk, credit default swaps
include liquidity, counterparty and operational risk.

Credit default swaps allow a fund to acquire or reduce credit exposure to a particular issuer, asset or basket of assets. If a swap agreement calls for payments by the fund, the fund must be prepared to make such payments when due. If the fund is the credit default protection seller, the fund will experience a loss if a credit event occurs and the credit of the reference entity or underlying asset has deteriorated.
If the fund is the credit default protection buyer, the fund will be required to pay premiums to the credit default protection seller.

If the creditworthiness of the fund's swap counterparty declines, the risk that the counterparty may not perform could increase, potentially resulting in a loss to the fund. To limit the counterparty risk involved in swap agreements, the fund will only enter into swap agreements with counterparties that meet certain standards of creditworthiness.

Swap agreements generally are entered into by "eligible participants" and in compliance with certain other criteria necessary to render them excluded from regulation under the Commodity Exchange Act (CEA) and, therefore not subject to regulation as futures or
commodity option transactions under the CEA.

Illiquid Securities cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are
valued. Difficulty in selling securities may result in a loss or may be costly to a fund. Under the supervision of the Board of Trustees, FMR
determines the liquidity of a fund's investments and, through reports from FMR, the Board monitors investments in illiquid securities. In
determining the liquidity of a fund's investments, various factors may be considered, including (1) the frequency and volume of trades
and quotations, (2) the number of dealers and prospective purchasers in the marketplace, (3) dealer undertakings to make a market, and
(4) the nature of the security and the market in which it trades (including any demand, put or tender features, the mechanics and other
requirements for transfer, any letters of credit or other credit enhancement features, any ratings, the number of holders, the method of
soliciting offers, the time required to dispose of the security, and the ability to assign or offset the rights and obligations of the security).

Indexed Securities are instruments whose prices are indexed to the prices of other securities, securities indices, currencies, or other
financial indicators. Indexed securities typically, but not always, are debt securities or deposits whose value at maturity or coupon rate is
determined by reference to a specific instrument or statistic.

Currency-indexed securities typically are short-term to intermediate-term debt securities whose maturity values or interest rates are
determined by reference to the values of one or more specified foreign currencies, and may offer higher yields than U.S. dollar-denominated securities. Currency-indexed securities may be positively or negatively indexed; that is, their maturity value may increase when the
specified currency value increases, resulting in a security that performs similarly to a foreign-denominated instrument, or their maturity
value may decline when foreign currencies increase, resulting in a security whose price characteristics are similar to a put on the underlying currency. Currency-indexed securities may also have prices that depend on the values of a number of different foreign currencies
relative to each other.

The performance of indexed securities depends to a great extent on the performance of the security, currency, or other instrument to
which they are indexed, and may also be influenced by interest rate changes in the United States and abroad. Indexed securities may be
more volatile than the underlying instruments. Indexed securities are also subject to the credit risks associated with the issuer of the
security, and their values may decline substantially if the issuer's creditworthiness deteriorates. Recent issuers of indexed securities have
included banks, corporations, and certain U.S. Government agencies.

Interfund Borrowing and Lending Program. Pursuant to an exemptive order issued by the SEC, a fund may lend money to, and
borrow money from, other funds advised by FMR or its affiliates. A fund will borrow through the program only when the costs are equal to
or lower than the cost of bank loans, and will lend through the program only when the returns are higher than those available from an
investment in repurchase agreements. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of
seven days. Loans may be called on one day's notice. A fund may have to borrow from a bank at a higher interest rate if an interfund loan is
called or not renewed. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing
costs.

Investment-Grade Debt Securities. Investment-grade debt securities include all types of debt instruments that are of medium and
high-quality. Investment-grade debt securities include repurchase agreements collateralized by U.S. Government securities as well as
repurchase agreements collateralized by equity securities, non-investment-grade debt, and all other instruments in which a fund can
perfect a security interest, provided the repurchase agreement counterparty has an investment-grade rating. Some investment-grade debt
securities may possess speculative characteristics and may be more sensitive to economic changes and to changes in the financial conditions of issuers. An investment-grade rating means the security or issuer is rated investment-grade by a credit rating agency registered as a
nationally recognized statistical rating organization (NRSRO) with the SEC (for example, Moody's® Investors Service, Inc.), or is unrated but considered to be of equivalent quality by FMR.

Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed by a corporate, governmental, or
other borrower to lenders or lending syndicates (loans and loan participations), to suppliers of goods or services (trade claims or other
receivables), or to other parties. Direct debt instruments involve a risk of loss in case of default or insolvency of the borrower and may
offer less legal protection to the purchaser in the event of fraud or misrepresentation, or there may be a requirement that a fund supply
additional cash to a borrower on demand.

Purchasers of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the borrower for payment of
interest and repayment of principal. If scheduled interest or principal payments are not made, the value of the instrument may be adversely affected. Loans that are fully secured provide more protections than an unsecured loan in the event of failure to make scheduled interest
or principal payments. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the borrower's
obligation, or that the collateral could be liquidated. Indebtedness of borrowers whose creditworthiness is poor involves substantially
greater risks and may be highly speculative. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or
may pay only a small fraction of the amount owed. Direct indebtedness of developing countries also involves a risk that the governmental
entities responsible for the repayment of the debt may be unable, or unwilling, to pay interest and repay principal when due.

Investments in loans through direct assignment of a financial institution's interests with respect to a loan may involve additional risks.
For example, if a loan is foreclosed, the purchaser could become part owner of any collateral, and would bear the costs and liabilities
associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability,
a purchaser could be held liable as a co-lender. Direct debt instruments may also involve a risk of insolvency of the lending bank or other
intermediary.

A loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of
the loan, as specified in the loan agreement. Unless, under the terms of the loan or other indebtedness, the purchaser has direct recourse
against the borrower, the purchaser may have to rely on the agent to apply appropriate credit remedies against a borrower. If assets held by
the agent for the benefit of a purchaser were determined to be subject to the claims of the agent's general creditors, the purchaser might
incur certain costs and delays in realizing payment on the loan or loan participation and could suffer a loss of principal or interest.

Direct indebtedness may include letters of credit, revolving credit facilities, or other standby financing commitments that obligate
purchasers to make additional cash payments on demand. These commitments may have the effect of requiring a purchaser to increase its
investment in a borrower at a time when it would not otherwise have done so, even if the borrower's condition makes it unlikely that the
amount will ever be repaid.

Each fund limits the amount of total assets that it will invest in any one issuer or in issuers within the same industry (see each fund's
investment limitations). For purposes of these limitations, a fund generally will treat the borrower as the "issuer" of indebtedness held by
the fund. In the case of loan participations where a bank or other lending institution serves as financial intermediary between a fund and
the borrower, if the participation does not shift to the fund the direct debtor-creditor relationship with the borrower, SEC interpretations
require a fund, in appropriate circumstances, to treat both the lending bank or other lending institution and the borrower as "issuers" for
these purposes. Treating a financial intermediary as an issuer of indebtedness may restrict a fund's ability to invest in indebtedness related
to a single financial intermediary, or a group of intermediaries engaged in the same industry, even if the underlying borrowers represent
many different companies and industries.

Lower-Quality Debt Securities. Lower-quality debt securities include all types of debt instruments that have poor protection with
respect to the payment of interest and repayment of principal, or may be in default. These securities are often considered to be speculative
and involve greater risk of loss or price changes due to changes in the issuer's capacity to pay. The market prices of lower-quality debt
securities may fluctuate more than those of higher-quality debt securities and may decline significantly in periods of general economic
difficulty, which may follow periods of rising interest rates.

The market for lower-quality debt securities may be thinner and less active than that for higher-quality debt securities, which can
adversely affect the prices at which the former are sold. Adverse publicity and changing investor perceptions may affect the liquidity of
lower-quality debt securities and the ability of outside pricing services to value lower-quality debt securities.

Because the risk of default is higher for lower-quality debt securities, FMR's research and credit analysis are an especially important
part of managing securities of this type. FMR will attempt to identify those issuers of high-yielding securities whose financial condition is
adequate to meet future obligations, has improved, or is expected to improve in the future. FMR's analysis focuses on relative values
based on such factors as interest or dividend coverage, asset coverage, earnings prospects, and the experience and managerial strength of
the issuer.

A fund may choose, at its expense or in conjunction with others, to pursue litigation or otherwise to exercise its rights as a security
holder to seek to protect the interests of security holders if it determines this to be in the best interest of the fund's shareholders.

Preferred Stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence
over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds
take precedence over the claims of those who own preferred and common stock.

Repurchase Agreements involve an agreement to purchase a security and to sell that security back to the original seller at an agreed-upon price. The resale price reflects the purchase price plus an agreed-upon incremental amount which is unrelated to the coupon rate or
maturity of the purchased security. As protection against the risk that the original seller will not fulfill its obligation, the securities are
held in a separate account at a bank, marked-to-market daily, and maintained at a value at least equal to the sale price plus the accrued
incremental amount. The value of the security purchased may be more or less than the price at which the counterparty has agreed to
purchase the security. In addition, delays or losses could result if the other party to the agreement defaults or becomes insolvent. The
funds will engage in repurchase agreement transactions with parties whose creditworthiness has been reviewed and found satisfactory by
FMR.

Restricted Securities are subject to legal restrictions on their sale. Difficulty in selling securities may result in a loss or be costly to a
fund. Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under
the Securities Act of 1933 (1933 Act), or in a registered public offering. Where registration is required, the holder of a registered security
may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek
registration and the time it may be permitted to sell a security under an effective registration statement. If, during such a period, adverse
market conditions were to develop, the holder might obtain a less favorable price than prevailed when it decided to seek registration of the
security.

Reverse Repurchase Agreements. In a reverse repurchase agreement, a fund sells a security to another party, such as a bank or broker-dealer, in return for cash and agrees to repurchase that security at an agreed-upon price and time. The funds will enter into reverse
repurchase agreements with parties whose creditworthiness has been reviewed and found satisfactory by FMR. Such transactions may
increase fluctuations in the market value of fund assets and may be viewed as a form of leverage.

Securities Lending. A fund may lend securities to parties such as broker-dealers or other institutions, including Fidelity Brokerage
Services LLC (FBS LLC). FBS LLC is a member of the New York Stock Exchange (NYSE) and an indirect subsidiary of FMR LLC.

Securities lending allows a fund to retain ownership of the securities loaned and, at the same time, earn additional income. The borrower provides the fund with collateral in an amount at least equal to the value of the securities loaned. The fund seeks to maintain the
ability to obtain the right to vote or consent on proxy proposals involving material events affecting securities loaned. If the borrower
defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs
in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for foreign securities. If a
fund is not able to recover the securities loaned, a fund may sell the collateral and purchase a replacement investment in the market. The
value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased. Loans will be made only to parties deemed by FMR to be in good standing and when, in FMR's judgment, the income earned
would justify the risks.

Cash received as collateral through loan transactions may be invested in other eligible securities, including shares of a money market
fund. Investing this cash subjects that investment, as well as the securities loaned, to market appreciation or depreciation.

Securities of Other Investment Companies,including shares of closed-end investment companies, unit investment trusts, and
open-end investment companies, represent interests in professionally managed portfolios that may invest in any type of instrument. Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but may
involve additional expenses at the investment company-level, such as portfolio management fees and operating expenses. Certain types
of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange or
over-the-counter at a premium or a discount to their NAV. Others are continuously offered at NAV, but may also be traded in the secondary
market.

The extent to which a fund can invest in securities of other investment companies is limited by federal securities laws.

Short Sales "Against the Box" are short sales of securities that a fund owns or has the right to obtain (equivalent in kind or amount to
the securities sold short). If a fund enters into a short sale against the box, it will be required to set aside securities equivalent in kind and
amount to the securities sold short (or securities convertible or exchangeable into such securities) and will be required to hold such securities while the short sale is outstanding. The fund will incur transaction costs, including interest expenses, in connection with opening,
maintaining, and closing short sales against the box.

Sovereign Debt Obligations are issued or guaranteed by foreign governments or their agencies, including debt of Latin American
nations or other developing countries. Sovereign debt may be in the form of conventional securities or other types of debt instruments
such as loans or loan participations. Sovereign debt of developing countries may involve a high degree of risk, and may be in default or
present the risk of default. Governmental entities responsible for repayment of the debt may be unable or unwilling to repay principal and
pay interest when due, and may require renegotiation or rescheduling of debt payments. In addition, prospects for repayment of principal
and payment of interest may depend on political as well as economic factors. Although some sovereign debt, such as Brady Bonds, is
collateralized by U.S. Government securities, repayment of principal and payment of interest is not guaranteed by the U.S. Government.

Structured Notes are derivative debt securities, the interest rate or principal of which is determined by an unrelated indicator. A
structured note may be positively, negatively or both positively and negatively indexed; that is, its value or interest rate may increase or
decrease if the value of the reference instrument increases. Similarly, its value may increase or decrease if the value of the reference
instrument decreases. Further, the change in the principal amount payable with respect to, or the interest rate of, a structured note may be
a multiple of the percentage change (positive or negative) in the value of the underlying reference instrument(s). Structured or indexed
securities may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional
debt securities.

Temporary Defensive Policies. Each fund reserves the right to invest without limitation in preferred stocks and investment-grade
debt instruments for temporary, defensive purposes.

Transfer Agent Bank Accounts. Proceeds from shareholder purchases of a fund pass through a series of demand deposit bank accounts before being held at the fund's custodian. Redemption proceeds will pass from the custodian to the shareholder through a similar
series of bank accounts.

The bank accounts are registered to the transfer agent or an affiliate, who acts as an agent for the funds when opening, closing and
conducting business in the bank accounts. The transfer agent or an affiliate may invest overnight balances in the accounts in repurchase
agreements. Any balances that are not invested in repurchase agreements remain in the bank accounts overnight. Any risks associated
with these accounts are investment risks of the funds. A fund faces the risk of loss of these balances if the bank becomes insolvent.

Warrants. Warrants are instruments which entitle the holder to buy an equity security at a specific price for a specific period of time.
Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant
may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as
capital loss.

Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in
the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make
warrants more speculative than other types of investments.

Zero Coupon Bonds do not make interest payments; instead, they are sold at a discount from their face value and are redeemed at face
value when they mature. Because zero coupon bonds do not pay current income, their prices can be more volatile than other types of
fixed-income securities when interest rates change. In calculating a fund's dividend, a portion of the difference between a zero coupon
bond's purchase price and its face value is considered income.

SPECIAL CONSIDERATIONS REGARDING CANADA

Political. Canada's parliamentary system of government is, in general, stable. One of the provinces, Quebec, which has a predominantly French-speaking population, does have a "separatist" opposition party whose objective is to achieve sovereignty and increased
self-governing legal and financial powers. To date, referendums on Quebec sovereignty have been defeated, but the issue remains unresolved. In case a referendum about the independence of Quebec were successful, then the Canadian federal government may be obliged
to negotiate with Quebec.

Economic. Canada is a major producer of commodities such as forest products, metals, agricultural products, and energy related
products like oil, gas, and hydroelectricity. Accordingly, changes in the supply and demand of base commodity resources and industrial
and precious metals and materials, both domestically and internationally, can have a significant effect on Canadian market performance.

The United States is Canada's largest trading partner and developments in economic policy and U.S. market conditions do have a
significant impact on the Canadian economy. The expanding economic and financial integration of the United States, Canada, and Mexico through the NAFTA Agreement may make the Canadian economy and securities market more sensitive to North American trade
patterns. Growth in developing nations overseas, particularly China, may change the composition of Canada's trade and foreign investment composition in the near future.

Economic growth has recently slowed down in certain sectors of the Canadian economy. As the current global economic crisis significantly affects the United States economy and weakens global demand for commodities, the Canadian economy is likely to also suffer.

SPECIAL CONSIDERATIONS REGARDING EUROPE

The European Union (EU) is an intergovernmental and supranational union of most Western European countries and a growing number of Eastern European countries, each known as a member state. One of the key activities of the EU is the establishment and administration of a common single market, consisting of, among other things, a single currency and a common trade policy. In order to pursue this
goal, member states established, among other things, the European Economic and Monetary Union (EMU) which sets out different stages
and commitments that member states need to follow to achieve greater economic policy coordination and monetary cooperation, including the adoption of a single currency, the euro. Many member states have adopted, and other member states are generally expected to
eventually adopt, the euro as their single currency. When a member state adopts the euro as its currency, the member state no longer
controls its own monetary policies. Instead, the authority to direct monetary policy is exercised by the European Central Bank. However,
certain countries do not qualify for the euro and thus risk being left behind.

While economic and monetary convergence in the EU may offer new opportunities for those investing in the region, investors should
be aware that the success of the EU is not wholly assured. European countries can be significantly affected by the tight fiscal and monetary controls that the EMU imposes on its members or requires candidates for EMU membership to comply with. Europe must grapple
with a number of challenges, any one of which could threaten the survival of this monumental undertaking. The countries adopting the
euro must adjust to a unified monetary system, the absence of exchange rate flexibility, and the loss of economic sovereignty. Europe's
economies are diverse, its governments are decentralized, and its cultures differ widely. Unemployment in some European countries has
historically been higher than in the United States and could pose political risk. One or more member states might exit the EU, placing its
currency and banking system in jeopardy. Major issues currently facing the EU cover its membership, structure, procedures and policies;
they include the adoption, abandonment or adjustment of the new constitutional treaty, the EU's enlargement to the south and east, and
resolving the EU's problematic fiscal and democratic accountability. Efforts of the member states to continue to unify their economic and
monetary policies may increase the potential for similarities in the movements of European markets and reduce the benefit of diversification within the region.

Political. The EU has been extending its influence to the east. It has accepted several Eastern European countries as new members,
and has plans to accept several more in the medium-term. It is hoped that membership for these states will help cement economic and
political stability. For these countries, membership serves as a strong political impetus to employ tight fiscal and monetary policies.
Nevertheless, new member states which were former Soviet satellites remain burdened to various extents by the inherited inefficiencies
of centrally planned economies similar to what existed under the old Soviet Union. Further expansion of the EU has long-term economic
benefits, but certain European countries are not viewed as currently suitable for membership, especially the troubled economies of countries further east. Also, as the EU continues to enlarge, the candidate countries' accessions may grow more controversial. Some member
states may repudiate certain candidate countries joining the EU upon concerns about the possible economic, immigration, and cultural
implications that may result from such enlargement. The current and future status of the EU therefore continues to be the subject of
political controversy, with widely differing views both within and between member states. For example, a large segment of the population in the United Kingdom may be indifferent or opposed to the EU, while other countries are generally more in favor of European
integration. Also, Russia may be opposed to the expansion of the EU to members of the former Soviet block and may, at times, take
actions which negatively impact EU economic activity.

It is possible that the gap between rich and poor within the EU's member countries, and particularly among new members that have
not met the requirements for joining the EMU may increase, and that realigning traditional alliances could alter trading relationships and
potentially provoke divisive socioeconomic splits.

In the transition to the single economic system, significant political decisions will be made which may affect the market regulation,
subsidization, and privatization across all industries, from agricultural products to telecommunications.

Economic. The EU economy is expected to potentially benefit from long-term growth as more countries join the EU - especially
considering that the new member states are usually poorer than the EU average and could experience faster GDP growth, which could
help achieve the dynamic of the united Europe.

As economic conditions across member states may vary widely, there is continued concern about national-level support for the euro
and the accompanying coordination of fiscal and wage policy among EMU member countries. According to the Maastricht treaty, member countries must maintain tight control over inflation, public debt, and budget deficit in order to qualify for participation in the euro.
These requirements severely limit EMU member countries' ability to implement monetary policy to address regional economic conditions.

The current global economic crisis has brought several small economies in Europe to the brink of bankruptcy and many other economies into recession. The crisis and its impact on European economies may not have fully unfolded. New members of the EU, which are
generally less economically stable, may be more impacted by the current global economic crisis than other members. In response to the
crisis, many countries in Europe have temporarily increased regulation of financial markets and instituted various measures to increase
liquidity. Greater regulation is expected in the near future, although the exact nature and effect of this regulation is unknown.

Currency. Investing in euro-denominated securities entails risk of being exposed to a currency that may not fully reflect the strengths
and weaknesses of the disparate European economies. Many European countries rely heavily upon export-dependent businesses and any
strength in the exchange rate between the euro and the U.S. dollar can have either a positive or a negative effect upon corporate profits and
the performance of EU investments. Recently, the euro was still near historic highs.

Nordic Countries. Faced with stronger global competition, the Nordic countries - Denmark, Finland, Norway, and Sweden - have
had to scale down their historically generous welfare programs, resulting in drops in domestic demand and increased unemployment.
Major industries in the region, such as forestry, agriculture, and oil, are heavily resource-dependent and face pressure as a result of high
labor costs. Pension reform, union regulation, and further cuts in liberal social programs will likely need to be addressed as the Nordic
countries face increased international competition. As the current global economic crisis intensifies, it is likely that the Nordic countries'
economies also will be severely impacted in the near term.

Eastern Europe. Investing in the securities of Eastern European issuers is highly speculative and involves risks not usually associated with investing in the more developed markets of Western Europe. Political and economic reforms are too recent to establish a definite
trend away from centrally planned economies and state-owned industries.

Many Eastern European countries continue to move towards market economies at different paces with appropriately different characteristics. Most Eastern European markets suffer from thin trading activity, dubious investor protections, and often a dearth of reliable
corporate information. Information and transaction costs, differential taxes, and sometimes political or transfer risk give a comparative
advantage to the domestic investor rather than the foreign investor. In addition, these markets are particularly sensitive to social, political, economic, and currency events in Russia and may suffer heavy losses as a result of their trading and investment links to the Russian
economy and currency. Russia also may attempt to assert its influence in the region through economic or even military measures, as it did
with Georgia in the summer of 2008. Eastern European economies may also be particularly susceptible to the international credit market
due to their reliance on bank related inflows of capital. As the current global economic crisis restricts international credit supplies, several
Eastern European economies are facing significant credit and economic crises.

SPECIAL CONSIDERATIONS REGARDING JAPAN

Government-industry cooperation, a strong work ethic, mastery of high technology, emphasis on education, and a comparatively
small defense allocation have helped Japan advance with extraordinary speed to become one of the largest economic powers along with
the United States and the EU. Despite its impressive history, investors face special risks when investing in Japan.

Economic. For three decades from the 1960s through the 1980s, Japan's overall real economic growth had been spectacular. However, growth slowed markedly in the 1990s and Japan's economy fell into a long recession. After a few years of mild recovery in the
mid-2000s, the Japanese economy appears to be falling into another recession as the current global economic crisis spreads. The contraction of Japan's major export markets and the rapid appreciation in the value of the yen have negatively impacted Japan's exports. This
economic recession is likely compounded by Japan's massive government debt, the aging and shrinking of the population, an unstable
financial sector, low domestic consumption, and certain corporate structural weaknesses, which remain some of the major long-term
problems of the Japanese economy.

Overseas trade is important to Japan's economy and Japan's economic growth is significantly driven by its exports. Japan has few
natural resources and must export to pay for its imports of these basic requirements. Meanwhile, Japan's aging and shrinking population
increases the cost of the country's pension and public welfare system and lowers domestic demand, making Japan more dependent on
exports to sustain its economy. Domestic or foreign trade sanctions or other protectionist measures could adversely impact Japan's economy. Japan has experienced earthquakes and tidal waves of varying degrees of severity, and the risks of such phenomena and the resulting
damage continue to exist.

A pressing need to sustain Japan's economic recovery and improve its economic growth is the task of overhauling the nation's financial institutions. Banks, in particular, may have to reform themselves to become more competitive. Successful financial sector reform
would contribute to Japan's economic recovery at home and would benefit other economies in Asia. Internal conflict over the proper way
to reform the banking system exists. Currently, Japanese banks, while possibly less affected by the current global economic crisis than
their Western peers, are facing new difficulties as Japan's economy struggles and corporate bankruptcies increase.

SPECIAL CONSIDERATIONS REGARDING ASIA PACIFIC REGION (EX JAPAN)

Many countries in the region have historically faced political uncertainty, corruption, military intervention, and social unrest. Examples include military threats on the Korean peninsula and along the Taiwan strait, the ethnic, sectarian, and separatist violence found in
Indonesia, and the nuclear arms threats between India and Pakistan. To the extent that such events continue in the future, they can be
expected to have a negative effect on economic and securities market conditions in the region.

Economic. The economies of many countries in the region are heavily dependent on international trade and are accordingly affected
by protective trade barriers and the economic conditions of their trading partners, principally, the U.S., Japan, China, and the European
Union.

The current global economic crisis has spread to the region, significantly lowering its exports and foreign investments in the region,
which are driving forces of its economic growth. Current economic conditions are also significantly affecting consumer confidence and
local stock markets. The governments of many countries in the region have taken steps to fight against the impacts of the global slowdown, but the effects of such efforts are not yet known.

The Republic of Korea (South Korea). Investors should be aware that investing in South Korea involves risks not typically associated with investing in the U.S. securities markets. Although relations between North Korea and South Korea had begun to improve in the
past few years, recent developments are troubling. As a result, these relations still remain tense and the possibility of military action
between the two countries still exists. Corporate and financial sector restructuring initiated by the Korean government, in conjunction
with the IMF, after the 1997-1998 Asian financial crisis can be expected to continue but its full impact cannot be predicted yet. The
Korean economy's reliance on international trade and other Asian economies makes it highly sensitive to fluctuations in international
commodity prices, currency exchange rates and government regulation, and vulnerable to downturns of the world economy. As the current global economic crisis intensifies, the Korean economy could be severely impacted once the effects of the crisis fully unfold. Investing in South Korea also involves the possibility of the imposition of exchange controls, which may include restrictions on the repatriation
of fund investments or on the conversion of local currency into foreign currencies.

China Region. As with all transition economies, China's ability to develop and sustain a credible legal, regulatory, monetary, and
socioeconomic system could influence the course of outside investment. Hong Kong is closely tied to China, economically and through
China's 1997 acquisition of the country as a Special Autonomous Region (SAR). Hong Kong's success depends, in large part, on its
ability to retain the legal, financial, and monetary systems that allow economic freedom and market expansion. Although many Taiwanese companies heavily invest in China, a state of hostility continues to exist between China and Taiwan, which Beijing has long deemed a
part of China and has made a nationalist cause of recovering it. Taiwan's political stability and ability to sustain its economic growth
could be significantly affected by its political and economic relationship with China.

The current global economic crisis has caused a marked slowdown in economic growth in the region, leading the local governments,
especially the Chinese government, to take unprecedented steps to shore up economic growth and prevent widespread unemployment.
The results of these measures are unpredictable, and the full effects of the crisis in the region are as yet unknown.

Southeast Asia. In addition to the risks inherent in investing in the emerging markets, the risks of investing in Southeast Asia merit
special consideration. The region is heavily dependent on exports and is thus particularly vulnerable to any weakening in global demand
for these products. As the current global economic crisis intensifies, the economies of Southeast Asian countries could be severely impacted once the effects of this crisis fully unfold.

Indonesia has restored financial stability and pursued sober fiscal policies since the 1997-1998 Asian financial crisis, but many economic development problems remain, including high unemployment, a fragile banking sector, endemic corruption, inadequate infrastructure, a poor investment climate, and unequal resource distribution among regions. These problems may limit the country's ability to
contain the increasingly severe and negative impact of the current global economic crisis on its economy. In addition, Indonesia continues to be at risk of ethnic, sectarian, and separatist violence. Keys to future growth remain internal reform, peaceful resolution of internal
conflicts, building up the confidence of international and domestic investors, and strong global economic growth. In late December 2004,
a major tsunami took nearly 127,000 lives, left more than 93,000 people missing and nearly 441,000 people displaced, and destroyed $4.5
to $5.0 billion worth of property. The negative effects of the tsunami are still felt today, and similar natural disasters could happen again.
Economic growth of Indonesia has slowed as a result of the current global economic crisis and could be more severely impacted once the
full effects of the crisis fully unfold.

SPECIAL CONSIDERATIONS REGARDING LATIN AMERICA

As an emerging market, Latin America historically suffered from social, political, and economic instability. For investors, this has
meant additional risk caused by periods of regional conflict, political corruption, totalitarianism, protectionist measures, nationalization,
hyperinflation, debt crises, sudden and large currency devaluation, and intervention by the military in civilian and economic spheres.
However, in some Latin American countries, a move to sustainable democracy and a more mature and accountable political environment
is under way. Domestic economies have been deregulated, privatization of state-owned companies is almost completed and foreign trade
restrictions have been relaxed. Nonetheless, to the extent that events such as those listed above continue in the future, they could reverse
favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in
securities markets in the region. In addition, recent favorable economic performance in much of the region has led to a concern regarding
government overspending in certain Latin American countries. Investors in the region continue to face a number of potential risks. Certain Latin American countries depend heavily on exports to the United States. Accordingly, these countries may be sensitive to fluctuations in U.S. demand and changes in U.S. market conditions. The economic growth of most Latin American countries is highly dependent
on commodity exports and the economies of certain Latin American countries, particularly Mexico and Venezuela, are highly dependent
on oil exports. As a result, these economies are particularly susceptible to fluctuations in the price of oil and other commodities. As the
current global economic crisis weakens the global demand for oil and other commodities, Latin American countries are facing significant
economic difficulties that could lead certain countries into recession. In addition, prolonged economic difficulties may have negative
effects on the transition to a more stable democracy in some Latin American countries.

A number of Latin American countries are among the largest debtors of developing countries and have a long history of foreign debt
and default. The majority of the region's economies have become highly dependent upon foreign credit and loans from external sources
to fuel their state-sponsored economic plans. Historically, government profligacy and ill-conceived plans for modernization have exhausted these resources with little benefit accruing to the economy. Most countries have been forced to restructure their loans or risk
default on their debt obligations. In addition, interest on the debt is subject to market conditions and may reach levels that would impair
economic activity and create a difficult and costly environment for borrowers. Accordingly, these governments may be forced to reschedule or freeze their debt repayment, which could negatively affect local markets. Because of their dependence on foreign credit and loans,
a number of Latin American economies may face significant economic difficulties and some economies could fall into recession as the
current global economic crisis tightens international credit supplies.

SPECIAL CONSIDERATIONS REGARDING EMERGING MARKETS

Investing in companies domiciled in emerging market countries may be subject to potentially higher risks than investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity and price volatility due to
smaller or limited local capital markets for such securities, or low or non-existent trading volumes; (iii) foreign exchanges and broker-dealers may be subject to less scrutiny and regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors and/or local governments may decide to suspend or limit an issuer's ability to make dividend or interest
payments; (v) local governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains
may be subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on dollar or euro payments imposed by
local governments may attempt to make dividend or interest payments to foreign investors in the local currency; (viii) investors may
experience difficulty in enforcing legal claims related to the securities and/or local judges may favor the interests of the issuer over those
of foreign investors; (ix) bankruptcy judgments may only be permitted to be paid in the local currency; (x) limited public information
regarding the issuer may result in greater difficulty in determining market valuations of the securities, and (xi) lax financial reporting on a
regular basis, substandard disclosure, and differences in accounting standards may make it difficult to ascertain the financial health of an
issuer. In addition, unlike developed countries, many emerging countries' economic growth highly depends on exports and inflows of
external capital, making them more vulnerable to the downturns of the world economy. As the current global economic crisis weakens the
global demand for their exports and tightens international credit supplies, many emerging countries are facing significant economic
difficulties and some countries are falling into recession.

SPECIAL CONSIDERATIONS REGARDING RUSSIA

Investing in Russian securities is highly speculative and involves significant risks and special considerations not typically associated
with investing in the securities markets of the U.S. and most other developed countries.

Political. Over the past century, Russia has experienced political and economic turbulence and has endured decades of communist
rule under which tens of millions of its citizens were collectivized into state agricultural and industrial enterprises. Since the collapse of
the Soviet Union, Russia's government has been faced with the daunting task of stabilizing its domestic economy, while transforming it
into a modern and efficient structure able to compete in international markets and respond to the needs of its citizens. However, to date,
many of the country's economic reform initiatives have floundered as the proceeds of IMF and other economic assistance have been
squandered or stolen. In this environment, there is always the risk that the nation's government will abandon the current program of
economic and political reform and replace it with radically different political and economic policies that would be detrimental to the
interests of foreign and private investors.

In the last few years, as significant income from oil and commodity exports has boosted Russia's economy, Russia's government has
begun to make bolder steps to re-assert its regional geopolitical influence (including military steps). Such steps may increase tensions
between Russia and its neighbors and Western countries and may negatively affect economic growth.

Economic. Many of Russia's businesses have failed to mobilize the available factors of production because the country's privatization program virtually ensured the predominance of the old management teams that are largely non-market-oriented in their management
approach. Poor accounting standards, inept management, pervasive corruption, insider trading and crime, and inadequate regulatory
protection for the rights of investors all pose a significant risk, particularly to foreign investors. In addition, there is the risk that the
Russian tax system will not be reformed to prevent inconsistent, retroactive, and/or exorbitant taxation, or, in the alternative, the risk that
a reformed tax system may result in the inconsistent and unpredictable enforcement of the new tax laws.

Compared to most national stock markets, the Russian securities market suffers from a variety of problems not encountered in more
developed markets. There is little long-term historical data on the Russian securities market because it is relatively new and a substantial
proportion of securities transactions in Russia are privately negotiated outside of stock exchanges. The inexperience of the Russian securities market and the limited volume of trading in securities in the market may make obtaining accurate prices on portfolio securities from
independent sources more difficult than in more developed markets. Additionally, there is little solid corporate information available to
investors. As a result, it may be difficult to assess the value or prospects of an investment in Russian companies.

Because of the recent formation of the Russian securities market as well as the underdeveloped state of the banking and telecommunications systems, settlement, clearing and registration of securities transactions are subject to significant risks. Ownership of shares
(except where shares are held through depositories that meet the requirements of the 1940 Act) is defined according to entries in the
company's share register and normally evidenced by extracts from the register or by formal share certificates. However, there is no central registration system for shareholders and these services are carried out by the companies themselves or by registrars located throughout Russia. These registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity
and it is possible for a fund to lose its registration through fraud, negligence, or even mere oversight. While a fund will endeavor to ensure
that its interest continues to be appropriately recorded either itself or through a custodian or other agent inspecting the share register and
by obtaining extracts of share registers through regular confirmations, these extracts have no legal enforceability and it is possible that
subsequent illegal amendment or other fraudulent act may deprive a fund of its ownership rights or improperly dilute its interests. In
addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a
fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. Furthermore,
significant delays or problems may occur in registering the transfer of securities, which could cause a fund to incur losses due to a counterparty's failure to pay for securities the fund has delivered or the fund's inability to complete its contractual obligations because of theft
or other reasons.

The Russian economy is heavily dependent upon the export of a range of commodities including most industrial metals, forestry
products, oil, and gas. Accordingly, it is strongly affected by international commodity prices and is particularly vulnerable to any weakening in global demand for these products. As the current global economic crisis causes the commodity prices, especially the price of oil,
to tumble, many sectors in the Russian economy have fallen into turmoil, threatening to push the whole economy into significant slowdown and even recession. Turmoil in the stock markets are forcing the Russian authority to frequently suspend trading on the Russian
Trading System, which causes certain concerns about the liquidity of the Russian stock markets.

Currency. Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available
currency hedging instruments. In a surprise move in August 1998, Russia devalued the ruble, defaulted on short-term domestic bonds,
and imposed a moratorium on the repayment of its international debt and the restructuring of the repayment terms. These actions have
negatively affected Russian borrowers' ability to access international capital markets and have had a damaging impact on the Russian
economy. In light of these and other government actions, foreign investors could face the possibility of further devaluations. In addition,
there is the risk the government may impose capital controls on foreign portfolio investments in the event of extreme financial or political
crisis. Such capital controls would prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.
Such risks have led to heightened scrutiny of Russian liquidity conditions, which in turn creates a heightened risk of the repatriation of
ruble assets by nervous foreign investors. The current economic turmoil in Russia and the effects on the current global economic crisis on
the Russian economy can cause flight from the Russian ruble into United States dollars and other currencies and can force the Russian
central bank to spend reserves to maintain the value of the ruble. If the Russian central bank falters in its defense of the ruble, there could
be additional pressure on Russia's banks and its currency.

SPECIAL CONSIDERATIONS REGARDING THE MIDDLE EAST AND AFRICA

Investing in Middle Eastern and African securities is highly speculative and involves significant risks and special considerations not
typically associated with investing in the securities markets of the U.S. and most other developed countries.

Political. Many Middle Eastern and African countries historically have suffered from political instability. Despite a growing trend
towards democratization, especially in Africa, significant political risks continue to affect some Middle Eastern and African countries.
These risks may include substantial government control over the private sector, corrupt leaders, civil unrest, suppression of opposition
parties that can lead to further dissidence and militancy, fixed elections, terrorism, coups, and war.

Economic.Middle Eastern and African countries historically have suffered from economic instability. Certain Middle Eastern and
African markets may face a higher concentration of market capitalization, greater illiquidity and greater price volatility than that found in
more developed markets of Western Europe or the United States. The volatility may be exacerbated by this greater illiquidity. Despite a
growing trend towards economic diversification, many Middle Eastern and African economies remain heavily dependent upon a limited
range of commodities. These include gold, silver, copper, cocoa, diamonds, natural gas and petroleum. These economies are greatly
affected by international commodity prices and are particularly vulnerable to any weakening in global demand for these products. As the
current global economic crisis weakens the global demand for oil, gas, and other commodities, causing prices of oil, gas, and other commodities to fall, some countries in the region are facing significant economic difficulties and many countries could be forced to scale
down their infrastructure development and the size of their public welfare systems, which could have long-term economic, social, and
political implications.

Currency. Certain Middle Eastern and African countries have currencies pegged to the U.S. dollar or Euro, rather than at levels determined by market forces. This type of currency regime may experience sudden and significant currency adjustments, which may adversely impact investment returns.

PORTFOLIO TRANSACTIONS

All orders for the purchase or sale of portfolio securities are placed on behalf of each fund by FMR pursuant to authority contained in
the management contract. FMR may also be responsible for the placement of portfolio transactions for other investment companies and
investment accounts for which it has or its affiliates have investment discretion. If FMR grants investment management authority to a
sub-adviser (see the section entitled "Management Contracts"), that sub-adviser is authorized to provide the services described in the
sub-advisory agreement, and in accordance with the policies described in this section.

Purchases and sales of equity securities on a securities exchange or OTC are effected through brokers who receive compensation for
their services. Generally, compensation relating to securities traded on foreign exchanges will be higher than compensation relating to
securities traded on U.S. exchanges and may not be subject to negotiation. Compensation may also be paid in connection with principal
transactions (in both OTC securities and securities listed on an exchange) and agency OTC transactions executed with an electronic
communications network (ECN) or an alternative trading system. Equity securities may be purchased from underwriters at prices that
include underwriting fees.

Purchases and sales of fixed-income securities are generally made with an issuer or a primary market-maker acting as principal. Although there is no stated brokerage commission paid by the fund for any fixed-income security, the price paid by the fund to an underwriter includes the disclosed underwriting fee and prices in secondary trades usually include an undisclosed dealer commission or markup
reflecting the spread between the bid and ask prices of the fixed-income security.

The Trustees of each fund periodically review FMR's performance of its responsibilities in connection with the placement of portfolio
transactions on behalf of the fund. The Trustees also review the compensation paid by the fund over representative periods of time to
determine if it was reasonable in relation to the benefits to the fund.

The Selection of Brokers

In selecting brokers or dealers (including affiliates of FMR) to execute each fund's portfolio transactions, FMR considers factors
deemed relevant in the context of a particular trade and in regard to FMR's overall responsibilities with respect to each fund and other
investment accounts, including any instructions from each fund's portfolio manager, which may emphasize, for example, speed of execution over other factors. The factors considered will influence whether it is appropriate to execute an order using ECNs, electronic
channels including algorithmic trading, or by actively working an order. Other factors deemed relevant may include, but are not limited
to: price; the size and type of the transaction; the reasonableness of compensation to be paid, including spreads and commission rates; the
speed and certainty of trade executions, including broker willingness to commit capital; the nature and characteristics of the markets for
the security to be purchased or sold, including the degree of specialization of the broker in such markets or securities; the availability of
liquidity in the security, including the liquidity and depth afforded by a market center or market-maker; the reliability of a market center
or broker; the broker's overall trading relationship with FMR; the trader's assessment of whether and how closely the broker likely will
follow the trader's instructions to the broker; the degree of anonymity that a particular broker or market can provide; the potential for
avoiding market impact; the execution services rendered on a continuing basis; the execution efficiency, settlement capability, and financial condition of the firm; arrangements for payment of fund expenses, if applicable; and the provision of additional brokerage and research products and services, if applicable. In seeking best qualitative execution, FMR may select a broker using a trading method for
which the broker may charge a higher commission than its lowest available commission rate. FMR also may select a broker that charges
more than the lowest available commission rate available from another broker. For futures transactions, the selection of an FCM is generally based on the overall quality of execution and other services provided by the FCM.

The Acquisition of Brokerage and Research Products and Services

Brokers (who are not affiliates of FMR) that execute transactions for each fund may receive higher compensation from each fund than
other brokers might have charged each fund, in recognition of the value of the brokerage or research products and services they provide to
FMR or its affiliates.

Research Products and Services. These products and services may include: economic, industry, company, municipal, sovereign
(U.S. and non-U.S.), legal, or political research reports; market color; company meeting facilitation; compilation of securities prices,
earnings, dividends and similar data; quotation services, data, information and other services; analytical computer software and services;
and investment recommendations. FMR may request that a broker provide a specific proprietary or third-party product or service. Some
of these products and services supplement FMR's own research activities in providing investment advice to the funds.

Execution Services. In addition, products and services may include those that assist in the execution, clearing, and settlement of
securities transactions, as well as other incidental functions (including but not limited to communication services related to trade execution, order routing and algorithmic trading, post-trade matching, exchange of messages among brokers or dealers, custodians and institutions, and the use of electronic confirmation and affirmation of institutional trades).

Mixed-Use Products and Services. In addition to receiving brokerage and research products and services via written reports and
computer-delivered services, such reports may also be provided by telephone and in personal meetings with securities analysts, corporate
and industry spokespersons, economists, academicians and government representatives and others with relevant professional expertise.
FMR and its affiliates may use commission dollars to obtain certain products or services that are not used exclusively in FMR's or its
affiliates' investment decision-making process (mixed-use products or services). In those circumstances, FMR or its affiliates will make
a good faith judgment to evaluate the various benefits and uses to which they intend to put the mixed-use product or service, and will pay
for that portion of the mixed-use product or service that does not qualify as brokerage and research products and services with their own
resources (referred to as "hard dollars").

Benefit to FMR. FMR's expenses would likely be increased if it attempted to generate these additional products and services through
its own efforts, or if it paid for these products or services itself. Certain of the brokerage and research products and services FMR receives
from brokers are furnished by brokers on their own initiative, either in connection with a particular transaction or as part of their overall
services. Some of these products or services may not have an explicit cost associated with such product or service.

FMR's Decision-Making Process. Before causing a fund to pay a particular level of compensation, FMR will make a good faith
determination that the compensation is reasonable in relation to the value of the brokerage and/or research products and services provided to FMR, viewed in terms of the particular transaction for a fund or FMR's overall responsibilities to a fund or other investment
companies and investment accounts. While FMR may take into account the brokerage and/or research products and services provided by
a broker in determining whether compensation paid is reasonable, neither FMR nor the funds incur an obligation to any broker, dealer, or
third party to pay for any product or service (or portion thereof) by generating a specific amount of compensation or otherwise. Typically,
these products and services assist FMR and its affiliates in terms of its overall investment responsibilities to a fund and other investment
companies and investment accounts; however, each product or service received may not benefit the fund. Certain funds or investment
accounts may use brokerage commissions to acquire brokerage and research products and services that may also benefit other funds or
accounts managed by FMR or its affiliates.

Research Contracts. FMR has arrangements with certain third-party research providers and brokers through whom FMR effects
fund trades, whereby FMR may pay with fund commissions or hard dollars for all or a portion of the cost of research products and services
purchased from such research providers or brokers. If hard dollar payments are used, FMR may still cause a fund to pay more for execution than the lowest commission rate available from the broker providing research products and services to FMR, or that may be available
from another broker. FMR views hard dollar payments for research products and services as likely to reduce a fund's total commission
costs even though it is expected that in such hard dollar arrangements the commissions available for recapture and to pay fund expenses,
as described below, will decrease. FMR's determination to pay for research products and services separately, rather than bundled with
fund commissions, is wholly voluntary on FMR's part and may be extended to additional brokers or discontinued with any broker participating in this arrangement.

Commission Recapture

FMR may allocate brokerage transactions to brokers (who are not affiliates of FMR) who have entered into arrangements with FMR
under which the broker, using a predetermined methodology, rebates a portion of the compensation paid by a fund to offset that fund's
expenses, which may be paid to FMR or its affiliates. Not all brokers with whom a fund trades have agreed to participate in brokerage
commission recapture.

Affiliated Transactions

FMR may place trades with certain brokers, including National Financial Services LLC (NFS), with whom it is under common control provided FMR determines that these affiliates' trade execution abilities and costs are comparable to those of non-affiliated, qualified
brokerage firms.

The Trustees of each fund have approved procedures whereby a fund may purchase securities that are offered in underwritings in
which an affiliate of FMR participates. In addition, for underwritings where an FMR affiliate participates as a principal underwriter,
certain restrictions may apply that could, among other things, limit the amount of securities that the funds could purchase in the underwritings.

Trade Allocation

Although the Trustees and officers of each fund are substantially the same as those of other funds managed by FMR or its affiliates,
investment decisions for each fund are made independently from those of other funds or investment accounts (including proprietary
accounts) managed by FMR or its affiliates. The same security is often held in the portfolio of more than one of these funds or investment
accounts. Simultaneous transactions are inevitable when several funds and investment accounts are managed by the same investment
adviser, particularly when the same security is suitable for the investment objective of more than one fund or investment account.

When two or more funds or investment accounts are simultaneously engaged in the purchase or sale of the same security, including a
futures contract, the prices and amounts are allocated in accordance with procedures believed by FMR to be appropriate and equitable to
each fund or investment account. In some cases adherence to these procedures could have a detrimental effect on the price or value of the
security as far as each fund is concerned. In other cases, however, the ability of the funds to participate in volume transactions will produce better executions and prices for the funds.

Commissions Paid

A fund may pay compensation including both commissions and spreads in connection with the placement of portfolio transactions.
The amount of brokerage commissions paid by a fund may change from year to year because of, among other things, changing asset
levels, shareholder activity, and/or portfolio turnover.

VALUATION

Each class's NAV is the value of a single share. The NAV of each class is computed by adding the class's pro rata share of the value of
the applicable fund's investments, cash, and other assets, subtracting the class's pro rata share of the applicable fund's liabilities, subtracting the liabilities allocated to the class, and dividing the result by the number of shares of that class that are outstanding.

Portfolio securities are valued by various methods depending on the primary market or exchange on which they trade. Most equity
securities for which the primary market is the United States are valued at the official closing price, last sale price or, if no sale has occurred, at the closing bid price. Most equity securities for which the primary market is outside the United States are valued using the
official closing price or the last sale price in the principal market in which they are traded. If the last sale price (on the local exchange) is
unavailable, the last evaluated quote or closing bid price normally is used. Securities of other open-end investment companies are valued
at their respective NAVs.

Debt securities and other assets for which market quotations are readily available may be valued at market values determined by such
securities' most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which they normally are
traded, as furnished by recognized dealers in such securities or assets. Or, debt securities and convertible securities may be valued on the
basis of information furnished by a pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and
electronic data processing techniques. Use of pricing services has been approved by the Board of Trustees. A number of pricing services
are available, and the funds may use various pricing services or discontinue the use of any pricing service.

Futures contracts and options are valued on the basis of market quotations, if available.

Independent brokers or quotation services provide prices of foreign securities in their local currency. Fidelity Service Company, Inc.
(FSC) gathers all exchange rates daily at the close of the NYSE using the last quoted price on the local currency and then translates the
value of foreign securities from their local currencies into U.S. dollars. Any changes in the value of forward contracts due to exchange
rate fluctuations and days to maturity are included in the calculation of NAV. If an event that is expected to materially affect the value of a
portfolio security occurs after the close of an exchange or market on which that security is traded, then that security will be valued in good
faith by a committee appointed by the Board of Trustees.

Short-term securities with remaining maturities of sixty days or less for which market quotations and information furnished by a
pricing service are not readily available are valued either at amortized cost or at original cost plus accrued interest, both of which approximate current value.

The procedures set forth above need not be used to determine the value of the securities owned by a fund if, in the opinion of a committee appointed by the Board of Trustees, some other method would more accurately reflect the fair value of such securities. For example,
securities and other assets for which there is no readily available market value may be valued in good faith by a committee appointed by
the Board of Trustees. In making a good faith determination of the value of a security, the committee may review price movements in
futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading.

BUYING AND SELLING INFORMATION

A fund may make redemption payments in whole or in part in readily marketable securities or other property pursuant to procedures
approved by the Trustees if FMR determines it is in the best interests of the fund. Such securities or other property will be valued for this
purpose as they are valued in computing each class's NAV. Shareholders that receive securities or other property will realize, upon receipt, a gain or loss for tax purposes, and will incur additional costs and be exposed to market risk prior to and upon sale of such securities
or other property.

Each fund, in its discretion, may determine to issue its shares in kind in exchange for securities held by the purchaser having a value,
determined in accordance with the fund's policies for valuation of portfolio securities, equal to the purchase price of the fund shares
issued. A fund will accept for in-kind purchases only securities or other instruments that are appropriate under its investment objective
and policies. In addition, a fund generally will not accept securities of any issuer unless they are liquid, have a readily ascertainable
market value, and are not subject to restrictions on resale. All dividends, distributions, and subscription or other rights associated with the
securities become the property of the fund, along with the securities. Shares purchased in exchange for securities in kind generally cannot
be redeemed for fifteen days following the exchange to allow time for the transfer to settle.

DISTRIBUTIONS AND TAXES

Dividends. Because each fund invests significantly in foreign securities, corporate shareholders should not expect fund dividends to
qualify for the dividends-received deduction. However, a portion of the fund's dividends, when distributed to individual shareholders,
may qualify for taxation at long-term capital gains rates (provided certain holding period requirements are met). Short-term capital gains
are taxable at ordinary income tax rates.

Capital Gain Distributions. Each fund's long-term capital gain distributions are federally taxable to shareholders generally as capital gains.

Returns of Capital. If a fund's distributions exceed its taxable income and capital gains realized during a taxable year, all or a portion
of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the fund and result in a higher reported capital gain
or lower reported capital loss when those shares on which the distribution was received are sold.

Foreign Tax Credit or Deduction. Foreign governments may withhold taxes on dividends and interest earned by a fund with respect
to foreign securities. Foreign governments may also impose taxes on other payments or gains with respect to foreign securities. If, at the
close of its fiscal year, more than 50% of a fund's total assets is invested in securities of foreign issuers, the fund may elect to pass through
eligible foreign taxes paid and thereby allow shareholders to take a deduction or, if they meet certain holding period requirements with
respect to fund shares, a credit on their individual tax returns. Special rules may apply to the credit for individuals who receive dividends
qualifying for the long-term capital gains tax rate.

Tax Status of the Funds. Each fund intends to qualify each year as a "regulated investment company" under Subchapter M of the
Internal Revenue Code so that it will not be liable for federal tax on income and capital gains distributed to shareholders. In order to
qualify as a regulated investment company, and avoid being subject to federal income or excise taxes at the fund level, each fund intends
to distribute substantially all of its net investment income and net realized capital gains within each calendar year as well as on a fiscal
year basis, and intends to comply with other tax rules applicable to regulated investment companies.

Other Tax Information. The information above is only a summary of some of the tax consequences generally affecting each fund and
its shareholders, and no attempt has been made to discuss individual tax consequences. It is up to you or your tax preparer to determine
whether the sale of shares of a fund resulted in a capital gain or loss or other tax consequence to you. In addition to federal income taxes,
shareholders may be subject to state and local taxes on fund distributions, and shares may be subject to state and local personal property
taxes. Investors should consult their tax advisers to determine whether a fund is suitable to their particular tax situation.

TRUSTEES AND OFFICERS

The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board
of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives
who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, and review each fund's performance. Except for Edward C. Johnson 3d and James C. Curvey, each of the
Trustees oversees 220 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 370 and 392 funds, respectively, advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written
instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who
has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any
Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each
Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the
calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with
respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any
officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any
special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for
the past five years.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street,
Boston, Massachusetts 02109.

|Name, Age; Principal Occupation
|-------------------------------
|Edward C. Johnson 3d (79)      
|                               
|James C. Curvey (74)           
|                               

*	Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various
entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity
Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

|Name, Age; Principal Occupation
|-------------------------------
|Dennis J. Dirks (61)           
|                               
|Alan J. Lacy (56)              
|                               
|Ned C. Lautenbach (65)         
|                               
|Joseph Mauriello (65)          
|                               
|Cornelia M. Small (65)         
|                               
|William S. Stavropoulos (70)   
|                               
|David M. Thomas (60)           
|                               
|Michael E. Wiley (59)          
|                               

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

|Name, Age; Principal Occupation
|-------------------------------
|Peter S. Lynch (65)            
|                               
|Kenneth B. Robins (40)         
|                               
|Brian B. Hogan (45)            
|                               
|Eric M. Wetlaufer (47)         
|                               
|Scott C. Goebel (41)           
|                               
|William C. Coffey (40)         
|                               
|Holly C. Laurent (55)          
|                               
|Christine Reynolds (51)        
|                               
|Kenneth A. Rathgeber (62)      
|                               
|Jeffrey S. Christian (47)      
|                               
|Bryan A. Mehrmann (48)         
|                               
|Adrien E. Deberghes (42)       
|                               
|John R. Hebble (51)            
|                               
|Paul M. Murphy (62)            
|                               
|Gary W. Ryan (51)              
|                               

Standing Committees of the Funds' Trustees. The Board of Trustees has established various committees to support the Independent Trustees in acting independently in pursuing the best interests of the funds and their shareholders. The committees facilitate
the timely and efficient consideration of all matters of importance to Independent Trustees, each fund, and fund shareholders and
facilitate compliance with legal and regulatory requirements. Currently, the Board of Trustees has nine standing committees. The
members of each committee are Independent Trustees.

The Operations Committee is composed of all of the Independent Trustees, with Mr. Lautenbach currently serving as Chair. The
committee normally meets eight times a year, or more frequently as called by the Chair, and serves as a forum for consideration of
issues of importance to, or calling for particular determinations by, the Independent Trustees. The committee also considers matters
involving potential conflicts of interest between the funds and FMR and its affiliates and reviews proposed contracts and the proposed continuation of contracts between the funds and FMR and its affiliates, and annually reviews and makes recommendations
regarding contracts with third parties unaffiliated with FMR, including insurance coverage and custody agreements. The committee
also monitors additional issues including the nature, levels and quality of services provided to shareholders and significant litigation. The committee also has oversight of compliance issues not specifically within the scope of any other committee. The committee is also responsible for definitive action on all compliance matters involving the potential for significant reimbursement by FMR.
During the fiscal year ended October 31, 2008, the committee held 11 meetings.

The Fair Value Oversight Committee is composed of all of the Independent Trustees, with Mr. Lautenbach currently serving as
Chair. The committee normally meets quarterly, or more frequently as called by the Chair. The Fair Value Oversight Committee
monitors and establishes policies concerning procedures and controls regarding the valuation of fund investments and monitors matters of disclosure to the extent required to fulfill its statutory responsibilities. The committee also reviews actions taken by FMR's
Fair Value Committee. During the fiscal year ended October 31, 2008, the committee held five meetings.

The Board of Trustees has established two Fund Oversight Committees: the Equity I Committee (composed of Ms. Small
(Chair), and Messrs. Dirks, Lacy, and Wiley) and the Equity II Committee (composed of Messrs. Stavropoulos (Chair), Lautenbach,
Mauriello, and Thomas). Each committee normally meets in conjunction with in-person meetings of the Board of Trustees, or more
frequently as called by the Chair of the respective committee. Each committee develops an understanding of and reviews the investment objectives, policies, and practices of each fund under its oversight. Each committee also monitors investment performance,
compliance by each relevant fund with its investment policies and restrictions and reviews appropriate benchmarks, competitive
universes, unusual or exceptional investment matters, the personnel and other resources devoted to the management of each fund
and all other matters bearing on each fund's investment results. Each committee will review and recommend any required action to
the Board in respect of specific funds, including new funds, changes in fundamental and non-fundamental investment policies and
restrictions, partial or full closing to new investors, fund mergers, fund name changes, and liquidations of funds. The members of
each committee may organize working groups to make recommendations concerning issues related to funds that are within the
scope of the committee's review. These working groups report to the committee or to the Independent Trustees, or both, as appropriate. Each working group may request from FMR such information from FMR as may be appropriate to the working group's deliberations. During the fiscal year ended October 31, 2008, the Equity I Committee held seven meetings and the Equity II Committee
held 10 meetings.

The Shareholder, Distribution and Brokerage Committee is composed of Messrs. Dirks (Chair), Stavropoulos, and Thomas. The
committee normally meets eight times a year, or more frequently as called by the Chair. Regarding shareholder services, the committee considers the structure and amount of the funds' transfer agency fees and fees, including direct fees to investors (other than
sales loads), such as bookkeeping and custodial fees, and the nature and quality of services rendered by FMR and its affiliates or
third parties (such as custodians) in consideration of these fees. The committee also considers other non-investment management
services rendered to the funds by FMR and its affiliates, including pricing and bookkeeping services. Regarding brokerage, the
committee monitors and recommends policies concerning the securities transactions of the funds. The committee periodically reviews the policies and practices with respect to efforts to achieve best execution, commissions paid to firms supplying research and
brokerage services or paying fund expenses, and policies and procedures designed to assure that any allocation of portfolio transactions is not influenced by the sale of fund shares. The committee also monitors brokerage and other similar relationships between
the funds and firms affiliated with FMR that participate in the execution of securities transactions. Regarding the distribution of
fund shares, the committee considers issues bearing on the various distribution channels employed by the funds, including issues
regarding Rule 18f-3 plans and related consideration of classes of shares, sales load structures (including breakpoints), load waivers,
selling concessions and service charges paid to intermediaries, Rule 12b-1 plans, contingent deferred sales charges, and finder's
fees, and other means by which intermediaries are compensated for selling fund shares or providing shareholder servicing, including
revenue sharing. The committee also considers issues bearing on the preparation and use of advertisements and sales literature for
the funds, policies and procedures regarding frequent purchase of fund shares, and selective disclosure of portfolio holdings. During
the fiscal year endedOctober 31, 2008, the Shareholder, Distribution and Brokerage Committee held 11 meetings.

The Audit Committee is composed of Messrs. Mauriello (Chair), Lacy, and Wiley. All committee members must be able to read
and understand fundamental financial statements, including a company's balance sheet, income statement, and cash flow statement.
At least one committee member will be an "audit committee financial expert" as defined by the SEC. The committee will have at
least one committee member in common with the Compliance Committee. The committee normally meets four times a year, or
more frequently as called by the Chair. The committee meets separately at least annuallywith the funds' Treasurer, with the funds'
Chief Financial Officer (CFO), with personnel responsible for the internal audit function of FMR LLC, and with the funds' outside
auditors. The committee has direct responsibility for the appointment, compensation, and oversight of the work of the outside auditors employed by the funds. The committee assists the Trustees in overseeing and monitoring: (i) the systems of internal accounting
and financial controls of the funds and the funds' service providers, (to the extent such controls impact the funds' financial statements); (ii) the funds' auditors and the annual audits of the funds' financial statements; (iii) the financial reporting processes of the
funds; (iv) whistleblower reports; and (v) the accounting policies and disclosures of the funds. The committee considers and acts
upon (i) the provision by any outside auditor of any non-audit services for any fund, and (ii) the provision by any outside auditor of
certain non-audit services to fund service providers and their affiliates to the extent that such approval (in the case of this clause (ii))
is required under applicable regulations of the SEC. In furtherance of the foregoing, the committee has adopted (and may from time
to time amend or supplement) and provides oversight of policies and procedures for non-audit engagements by outside auditors of
the funds. It is responsible for approving all audit engagement fees and terms for the funds and for resolving disagreements between
a fund and any outside auditor regarding any fund's financial reporting. Auditors of the funds report directly to the committee. The
committee will obtain assurance of independence and objectivity from the outside auditors, including a formal written statement
delineating all relationships between the auditor and the funds and any service providers consistent with the rules of the Public
Company Accounting Oversight Board. The committee will receive reports of compliance with provisions of the Auditor Independence Regulations relating to the hiring of employees or former employees of the outside auditors. It oversees and receives reports
on the funds' service providers' internal controls and reviews the adequacy and effectiveness of the service providers' accounting
and financial controls, including: (i) any significant deficiencies or material weaknesses in the design or operation of internal controls over financial reporting that are reasonably likely to adversely affect the funds' ability to record, process, summarize, and report financial data; (ii) any change in the fund's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the fund's internal control over financial reporting; and (iii) any fraud, whether material or not, that
involves management or other employees who have a significant role in the funds' or service providers internal controls over financial reporting. The committee will also review any correspondence with regulators or governmental agencies or published reports
that raise material issues regarding the funds' financial statements or accounting policies. These matters may also be reviewed by
the Compliance Committee or the Operations Committee. The Chair of the Audit Committee will coordinate with the Chair of the
Compliance Committee, as appropriate. The committee reviews at least annually a report from each outside auditor describing any
material issues raised by the most recent internal quality control, peer review, or Public Company Accounting Oversight Board examination of the auditing firm and any material issues raised by any inquiry or investigation by governmental or professional authorities of the auditing firm and in each case any steps taken to deal with such issues. The committee will oversee and receive reports on the funds' financial reporting process, will discuss with FMR, the funds' Treasurer, outside auditors and, if appropriate,
internal audit personnel of FMR LLC, their qualitative judgments about the appropriateness and acceptability of accounting principles and financial disclosure practices used or proposed for adoption by the funds. The committee will review with FMR, the
funds' Treasurer, outside auditor, and internal audit personnel of FMR LLC and, as appropriate, legal counsel the results of audits of
the funds' financial statements. The committee will review periodically the funds' major internal controls exposures and the steps
that have been taken to monitor and control such exposures. During the fiscal year ended October 31, 2008, the committee held 10
meetings.

The Governance and Nominating Committee is composed of Messrs. Lautenbach (Chair) and Stavropoulos. The committee
meets as called by the Chair. With respect to fund governance and board administration matters, the committee periodically reviews
procedures of the Board of Trustees and its committees (including committee charters) and periodically reviews compensation of
Independent Trustees. The committee monitors corporate governance matters and makes recommendations to the Board of Trustees
on the frequency and structure of the Board of Trustee meetings and on any other aspect of Board procedures. It acts as the administrative committee under the retirement plan for Independent Trustees who retired prior to December 30, 1996 and under the fee deferral plan for Independent Trustees. It reviews the performance of legal counsel employed by the funds and the Independent Trustees. On behalf of the Independent Trustees, the committee will make such findings and determinations as to the independence of
counsel for the Independent Trustees as may be necessary or appropriate under applicable regulations or otherwise. The committee
is also responsible for Board administrative matters applicable to Independent Trustees, such as expense reimbursement policies and
compensation for attendance at meetings, conferences and other events. The committee monitors compliance with, acts as the administrator of, and makes determinations in respect of, the provisions of the code of ethics and any supplemental policies regarding
personal securities transactions applicable to the Independent Trustees. The committee monitors the functioning of each Board committee and makes recommendations for any changes, including the creation or elimination of standing or ad hoc Board committees.
The committee monitors regulatory and other developments to determine whether to recommend modifications to the committee's
responsibilities or other Trustee policies and procedures in light of rule changes, reports concerning "best practices" in corporate
governance and other developments in mutual fund governance. The committee meets with Independent Trustees at least once a
year to discuss matters relating to fund governance. The committee recommends that the Board establish such special or ad hoc
Board committees as may be desirable or necessary from time to time in order to address ethical, legal, or other matters that may
arise. The committee also oversees the annual self-evaluation of the Board of Trustees and establishes procedures to allow it to exercise this oversight function. In conducting this oversight, the committee shall address all matters that it considers relevant to the
performance of the Board of Trustees and shall report the results of its evaluation to the Board of Trustees, including any recommended amendments to the principles of governance, and any recommended changes to the funds' or the Board of Trustees' policies, procedures, and structures. The committee reviews periodically the size and composition of the Board of Trustees as a whole
and recommends, if necessary, measures to be taken so that the Board of Trustees reflects the appropriate balance of knowledge,
experience, skills, expertise, and diversity required for the Board as a whole and contains at least the minimum number of Independent Trustees required by law. The committee makes nominations for the election or appointment of Independent Trustees and non-management Members of any Advisory Board, and for membership on committees. The committee shall have authority to retain
and terminate any third-party advisers, including authority to approve fees and other retention terms. Such advisers may include
search firms to identify Independent Trustee candidates and board compensation consultants. The committee may conduct or authorize investigations into or studies of matters within the committee's scope of responsibilities, and may retain, at the funds' expense,
such independent counsel or other advisers as it deems necessary. The committee will consider nominees to the Board of Trustees
recommended by shareholders based upon the criteria applied to candidates presented to the committee by a search firm or other
source. Recommendations, along with appropriate background material concerning the candidate that demonstrates his or her ability
to serve as an Independent Trustee of the funds, should be submitted to the Chair of the committee at the address maintained for
communications with Independent Trustees. If the committee retains a search firm, the Chair will generally forward all such submissions to the search firm for evaluation. With respect to the criteria for selecting Independent Trustees, it is expected that all candidates will possess the following minimum qualifications: (i) unquestioned personal integrity; (ii) not an interested person of FMR
or its affiliates within the meaning of the 1940 Act; (iii) does not have a material relationship (e.g., commercial, banking, consulting, legal, or accounting) that could create an appearance of lack of independence in respect of FMR and its affiliates; (iv) has the
disposition to act independently in respect of FMR and its affiliates and others in order to protect the interests of the funds and all
shareholders; (v) ability to attend regularly scheduled meetings during the year; (vi) demonstrates sound business judgment gained
through broad experience in significant positions where the candidate has dealt with management, technical, financial, or regulatory
issues; (vii) sufficient financial or accounting knowledge to add value in the complex financial environment of the funds; (viii) experience on corporate or other institutional oversight bodies having similar responsibilities, but which board memberships or other
relationships could not result in business or regulatory conflicts with the funds; and (ix) capacity for the hard work and attention to
detail that is required to be an effective Independent Trustee in light of the funds' complex regulatory, operational, and marketing
setting. The Governance and Nominating Committee may determine that a candidate who does not have the type of previous experience or knowledge referred to above should nevertheless be considered as a nominee if the Governance and Nominating Committee finds that the candidate has additional qualifications such that his or her qualifications, taken as a whole, demonstrate the same
level of fitness to serve as an Independent Trustee. During the fiscal year ended October 31, 2008, the committee held nine meetings.

The Compliance Committee is composed of Messrs. Wiley (Chair), Lautenbach, and Mauriello. The committee normally meets
quarterly, or more frequently as called by the Chair. The committee oversees the administration and operation of the compliance
policies and procedures of the funds and their service providers as required by Rule 38a-1 of the 1940 Act. The committee is responsible for the review and approval of policies and procedures relating to (i) provisions of the Code of Ethics, (ii) anti-money
laundering requirements, (iii) compliance with investment restrictions and limitations, (iv) privacy, (v) recordkeeping, and (vi) other
compliance policies and procedures which are not otherwise delegated to another committee. The committee has responsibility for
recommending to the Board the designation of a Chief Compliance Officer (CCO) of the funds. The committee serves as the primary point of contact between the CCO and the Board, it oversees the annual performance review and compensation of the CCO, and
if required, makes recommendations to the Board with respect to the removal of the appointed CCO. The committee receives reports of significant correspondence with regulators or governmental agencies, employee complaints or published reports which raise
concerns regarding compliance matters, and copies of significant non-routine correspondence with the SEC. The committee receives reports from the CCO including the annual report concerning the funds' compliance policies as required by Rule 38a-1, quarterly reports in respect of any breaches of fiduciary duty or violations of federal securities laws, and reports on any other compliance or related matters that would otherwise be subject to periodic reporting or that may have a significant impact on the funds.
The committee will recommend to the Board, what actions, if any, should be taken with respect to such reports. During the fiscal
year ended October 31, 2008, the committee held seven meetings.

The Proxy Voting Committee is composed of Messrs. Thomas (Chair), Dirks, and Wiley. The committee will meet as needed to
review the fund's proxy voting policies, consider changes to the policies, and review the manner in which the policies have been
applied. The committee will receive reports on the manner in which proxy votes have been cast under the proxy voting policies and
reports on consultations between the fund's investment advisers and portfolio companies concerning matters presented to shareholders for approval. The committee will address issues relating to the fund's annual voting report filed with the SEC. The committee
will receive reports concerning the implementation of procedures and controls designed to ensure that the proxy voting policies are
implemented in accordance with their terms. The committee will consider FMR's recommendations concerning certain non-routine
proposals not covered by the proxy voting policies. The committee will receive reports with respect to steps taken by FMR to assure
that proxy voting has been done without regard to any other FMR relationships, business or otherwise, with that portfolio company.
The committee will make recommendations to the Board concerning the casting of proxy votes in circumstances where FMR has
determined that, because of a conflict of interest, the proposal to be voted on should be reviewed by the Board. During the fiscal
year ended October 31, 2008, the committee held three meetings.

The following table sets forth information describing the dollar range of equity securities beneficially owned by each Trustee in each
fund and in all funds in the aggregate within the same fund family overseen by the Trustee for the calendar year ended December 31,
2008.

|Interested Trustees                                                           
|------------------------------------------------------------------------------
|DOLLAR RANGE OFFUND SHARES                                                    
|Series International Growth                                                   
|Series International Value                                                    
|Series International Small Cap                                                
|AGGREGATE DOLLAR RANGE OF
FUND SHARES IN ALL FUNDS
OVERSEEN WITHIN FUND FAMILY

|Independent Trustees                                                          
|------------------------------------------------------------------------------
|DOLLAR RANGE OFFUND SHARES                                                    
|Series International Growth                                                   
|Series International Value                                                    
|Series International Small Cap                                                
|AGGREGATE DOLLAR RANGE OF
FUND SHARES IN ALL FUNDS
OVERSEEN WITHIN FUND FAMILY
|DOLLAR RANGE OFFUND SHARES                                                    
|Series International Growth                                                   
|Series International Value                                                    
|Series International Small Cap                                                
|AGGREGATE DOLLAR RANGE OF
FUND SHARES IN ALL FUNDS
OVERSEEN WITHIN FUND FAMILY

The following table sets forth information describing the compensation of each Trustee and Member of the Advisory Board for his or
her services for the fiscal year ending October 31, 2009, or calendar year ended December 31, 2008, as applicable.

|Compensation Table1                      
|-----------------------------------------
|AGGREGATE
COMPENSATIONFROM A FUND        
|Series International Growth+             
|Series International Value+              
|Series International Small Cap+          
|TOTAL COMPENSATION
FROM THE FUND COMPLEXA
|AGGREGATE
COMPENSATIONFROM A FUND        
|Series International Growth+             
|Series International Value+              
|Series International Small Cap+          
|TOTAL COMPENSATION
FROM THE FUND COMPLEXA

1	Edward C. Johnson 3d, James C. Curvey, and Peter S. Lynch are interested persons and are compensated by FMR.

2	For the period January 1, 2008 through July 31, 2008, Mr. Lacy served as a Member of the Advisory Board. Effective August 1,
2008, Mr. Lacy serves as a member of the Board of Trustees.

3	For the period July 1, 2007 through July 31, 2008, Mr. Mauriello served as a Member of the Advisory Board. Effective August 1,
2008, Mr. Mauriello serves as a member of the Board of Trustees.

4	For the period October 1, 2007 through July 31, 2008, Mr. Thomas served as a Member of the Advisory Board. Effective August 1,
2008, Mr. Thomas serves as a member of the Board of Trustees.

5	For the period October 1, 2007 through July 31, 2008, Mr. Wiley served as a Member of the Advisory Board. Effective August 1,
2008, Mr. Wiley serves as a member of the Board of Trustees.

+	Estimated for the fund's first full year.

A	Reflects compensation received for the period January 1, 2008 through July 31, 2008 for 377 funds of 58 trusts (including Fidelity
Central Investment Portfolios LLC and Fidelity Central Investment Portfolios II LLC) and for the period August 1, 2008 through
December 31, 2008 for 222 funds of 29 trusts (including Fidelity Central Investment Portfolios LLC). 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, 2008, the Trustees accrued required deferred compensation from the funds as follows: Dennis J. Dirks, $190,000; Alan
J. Lacy, $72,917; Ned C. Lautenbach, $225,000; Joseph Mauriello, $79,167; Cornelia M. Small, $175,000; William S. Stavropoulos,
$200,000; David M. Thomas, $72,917; and Michael E. Wiley, $72,917. Certain of the Independent Trustees elected voluntarily to
defer a portion of their compensation as follows: Ned C. Lautenbach, $48,439; and Michael E. Wiley, $24,998.

As of the public offering of shares of each fund, 100% of each fund's total outstanding shares was held by FMR or an FMR affiliate.
FMR LLC is the ultimate parent company of FMR and these FMR affiliates. By virtue of their ownership interest in FMR LLC, as
described in the "Control of Investment Advisers" section below, Mr. Edward C. Johnson 3d and Ms. Abigail P. Johnson, Trustees, may
be deemed to be a beneficial owner of these shares.

CONTROL OF INVESTMENT ADVISERS

FMR LLC, as successor by merger to FMR Corp., is the ultimate parent company of FMR, Fidelity Management & Research (U.K.)
Inc. (FMR U.K.), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Inc.
(FMR Japan), Fidelity Research & Analysis Company (FRAC), and FMR Co., Inc. (FMRC). The voting common shares of FMR LLC are
divided into two series. Series B is held predominantly by members of the Edward C. Johnson 3d and Abigail P. Johnson family, directly
or through trust and limited liability companies, and is entitled to 49% of the vote on any matter acted upon by the voting common shares.
Series A is held predominantly by non-Johnson family member employees of FMR LLC and its affiliates and is entitled to 51% of the vote
on any such matter. The Johnson family group and all other Series B shareholders have entered into a shareholders' voting agreement
under which all Series B shares will be voted in accordance with the majority vote of Series B shares. Under the 1940 Act, control of a
company is presumed where one individual or group of individuals owns more than 25% of the voting securities of that company. Therefore, through their ownership of voting common shares and the execution of the shareholders' voting agreement, members of the Johnson
family may be deemed, under the 1940 Act, to form a controlling group with respect to FMR LLC.

At present, the primary business activities of FMR LLC and its subsidiaries are: (i) the provision of investment advisory, management, shareholder, investment information and assistance and certain fiduciary services for individual and institutional investors; (ii) the
provision of securities brokerage services; (iii) the management and development of real estate; and (iv) the investment in and operation
of a number of emerging businesses.

FIL Limited, a Bermuda company formed in 1968, is the ultimate parent company of FIL Investment Advisors (FIIA), Fidelity Investments Japan Limited (FIJ), and FIL Investment Advisors (U.K.) Ltd. (FIIA(U.K.)L). Edward C. Johnson 3d, Abigail P. Johnson, other
Johnson family members, and various trusts for the benefit of the Johnson family own, directly or indirectly, more than 25% of the voting
common stock of FIL Limited. At present, the primary business activities of FIL Limited and its subsidiaries are the provision of investment advisory services to non-U.S. investment companies and private accounts investing in securities throughout the world.

FMR, FMRC, FMR U.K., FMR H.K., FMR Japan, FRAC, FIJ, FIIA, FIIA(U.K.)L (the Investment Advisers), FDC, and the funds have
adopted codes of ethics under Rule 17j-1 of the 1940 Act that set forth employees' fiduciary responsibilities regarding the funds, establish
procedures for personal investing, and restrict certain transactions. Employees subject to the codes of ethics, including Fidelity investment
personnel, may invest in securities for their own investment accounts, including securities that may be purchased or held by the funds.

MANAGEMENT CONTRACT

Each fund has entered into a management contract with FMR, pursuant to which FMR furnishes investment advisory and other services.

Management Services.Under the terms of its management contract with each fund, FMR acts as investment adviser and, subject to
the supervision of the Board of Trustees, has overall responsibility for directing the investments of the fund in accordance with its investment objective, policies and limitations. FMR also provides each fund with all necessary office facilities and personnel for servicing the
fund's investments, compensates all officers of each fund and all Trustees who are interested persons of the trust or of FMR, and all
personnel of each fund or FMR performing services relating to research, statistical and investment activities.

In addition, FMR or its affiliates, subject to the supervision of the Board of Trustees, provide the management and administrative
services necessary for the operation of each fund. These services include providing facilities for maintaining each fund's organization;
supervising relations with custodians, transfer and pricing agents, accountants, underwriters and other persons dealing with each fund;
preparing all general shareholder communications and conducting shareholder relations; maintaining each fund's records and the registration of each fund's shares under federal securities laws and making necessary filings under state securities laws; developing management and shareholder services for each fund; and furnishing reports, evaluations and analyses on a variety of subjects to the Trustees.

Management-Related Expenses.In addition to the management fee payable to FMR and the fees payable to the transfer agent and
pricing and bookkeeping agent, and the costs associated with securities lending, as applicable, each fund pays all of its expenses that are
not assumed by those parties. Each fund pays for the typesetting, printing, and mailing of its proxy materials to shareholders, legal expenses, and the fees of the custodian, auditor, and Independent Trustees. Each fund's management contract further provides that the fund
will pay for typesetting, printing, and mailing prospectuses, statements of additional information, notices, and reports to shareholders;
however, under the terms of each fund's transfer agent agreement, the transfer agent bears these costs. Other expenses paid by each fund
include interest, taxes, brokerage commissions, the fund's proportionate share of insurance premiums and Investment Company Institute
dues, and the costs of registering shares under federal securities laws and making necessary filings under state securities laws. Each fund
is also liable for such non-recurring expenses as may arise, including costs of any litigation to which the fund may be a party, and any
obligation it may have to indemnify its officers and Trustees with respect to litigation.

Management Fees. For the services of FMR under the management contract, each fund pays FMR a monthly management fee which
has two components: a basic fee, which is the sum of a group fee rate and an individual fund fee rate, and a performance adjustment based
on a comparison of Series International Growth's performance to that of the MSCI®EAFE® (Europe, Australasia, Far East) Growth
Index, Series International Value's performance to that of the MSCI EAFE Value Index, or Series International Small Cap's performance
to that of the MSCI EAFE Small Cap Index.

The group fee rate is based on the monthly average net assets of all of the registered investment companies with which FMR has
management contracts.

|GROUP FEE RATE SCHEDULE | EFFECTIVE ANNUAL FEE RATES
|----------------------- | --------------------------
|Average GroupAssets     | AnnualizedRate            
|0                       | -                         
|3                       | -                         
|6                       | -                         
|9                       | -                         
|12                      | -                         
|15                      | -                         
|18                      | -                         
|21                      | -                         
|24                      | -                         
|30                      | -                         
|36                      | -                         
|42                      | -                         
|48                      | -                         
|66                      | -                         
|84                      | -                         
|102                     | -                         
|138                     | -                         
|174                     | -                         
|210                     | -                         
|246                     | -                         
|282                     | -                         
|318                     | -                         
|354                     | -                         
|390                     | -                         
|426                     | -                         
|462                     | -                         
|498                     | -                         
|534                     | -                         
|587                     | -                         
|646                     | -                         
|711                     | -                         
|782                     | -                         
|860                     | -                         
|946                     | -                         
|1,041                   | -                         
|1,145                   | -                         
|1,260                   | -                         
|1,386                   | -                         
|1,525                   | -                         
|1,677                   | -                         
|Over                    |                           

The group fee rate is calculated on a cumulative basis pursuant to the graduated fee rate schedule shown above on the left. The schedule above on the right shows the effective annual group fee rate at various asset levels, which is the result of cumulatively applying the
annualized rates on the left. For example, the effective annual fee rate at $1,170 billion of group net assets - the approximate level for
June 2009 - was 0.2624%, which is the weighted average of the respective fee rates for each level of group net assets up to $1,170 billion.

Series International Growth's, Series International Value's, and Series International Small Cap's individual fund fee rates are 0.45%,
0.45%, and 0.60%, respectively. Based on the average group net assets of the funds advised by FMR for June 2009, each fund's annual
basic fee rate would be calculated as follows:

|Fund                           | Group Fee Rate |   | Individual Fund Fee Rate |   | Basic Fee Rate
|------------------------------ | -------------- | - | ------------------------ | - | --------------
|Series International Growth    | 0.2624%        | + | 0.4500%                  | = | 0.7124%       
|Series International Value     | 0.2624%        | + | 0.4500%                  | = | 0.7124%       
|Series International Small Cap | 0.2624%        | + | 0.6000%                  | = | 0.8624%       

One-twelfth of the basic fee rate is applied to each fund's average net assets for the month, giving a dollar amount which is the fee for
that month.

Computing the Performance Adjustment.The basic fee for each of Series International Growth, Series International Value, and
International Small Cap is subject to upward or downward adjustment, depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record over the same period of the MSCI EAFE Growth
Index for Series International Growth, the MSCI EAFE Value Index for Series International Value, and the MSCI EAFE Small Cap Index
for Series International Small Cap. The performance period for each fund will commence on December, 1, 2009. Starting with the twelfth
month, the performance adjustment takes effect. Each month subsequent to the twelfth month, a new month is added to the performance
period until the performance period includes 36 months. Thereafter, the performance period consists of the most recent month plus the
previous 35 months.

If the Trustees determine that another index is appropriate for Series International Growth, Series International Value, or Series International Small Cap, they may designate a successor index to be substituted.

[For the purposes of calculating the performance adjustment for each fund, the fund's investment performance will be based on the
performance of the retail class of the fund.]

The performance comparison is made at the end of each month.

Each percentage point of difference, calculated to the nearest 0.01% (up to a maximum difference of ±10.00), is multiplied by a
performance adjustment rate of 0.02%. The maximum annualized performance adjustment rate is ±0.20% of a fund's average net assets
over the performance period.

One twelfth (1/12) of this rate is then applied to each fund's average net assets over the performance period, giving a dollar amount
which will be added to (or subtracted from) the basic fee.

The performance of a class is calculated based on change in NAV. For purposes of calculating the performance adjustment, any dividends or capital gain distributions paid by the class are treated as if reinvested in that class's shares at the NAV as of the record date for
payment.

The record of the MSCI EAFE Growth Index is based on change in value and is adjusted for any cash distributions from the companies
whose securities compose the index. Because the adjustment to the basic fee is based on Series International Growth's performance
compared to the investment record of the index, the controlling factor is not whether the fund's performance is up or down per se, but
whether it is up or down more or less than the record of the MSCI EAFE Growth Index. The record of the MSCI EAFE Value Index is
based on change in value and is adjusted for any cash distributions from the companies whose securities compose the index. Because the
adjustment to the basic fee is based on Series International Value's performance compared to the investment record of the index, the
controlling factor is not whether the fund's performance is up or down per se, but whether it is up or down more or less than the record of
the MSCI EAFE Value Index. The record of the MSCI EAFE Small Cap Index is based on change in value and is adjusted for any cash
distributions from the companies whose securities compose the index. Because the adjustment to the basic fee is based on Series International Small Cap's performance compared to the investment record of the index, the controlling factor is not whether the fund's performance is up or down per se, but whether it is up or down more or less than the record of the MSCI EAFE Small Cap Index. Moreover, the
comparative investment performance of each fund is based solely on the relevant performance period without regard to the cumulative
performance over a longer or shorter period of time.

FMR may, from time to time, voluntarily reimburse all or a portion of a class's operating expenses (exclusive of interest, taxes, certain
securities lending costs, brokerage commissions, and extraordinary expenses), which is subject to revision or discontinuance. FMR retains the ability to be repaid for these expense reimbursements in the amount that expenses fall below the limit prior to the end of the fiscal
year.

Expense reimbursements by FMR will increase a class's returns, and repayment of the reimbursement by a class will lower its returns.

Sub-Adviser - FMRC.On behalf of each fund, FMR has entered into a sub-advisory agreement with FMRC pursuant to which
FMRC has day-to-day responsibility for choosing investments for each fund. Under the terms of the sub-advisory agreements for each
fund, FMR, and not the funds, pays FMRC's fees.

Sub-Advisers - FIIA, FIIA(U.K.)L, and FIJ. On behalf of each fund, FMR has entered into a master international research agreement with FIIA. On behalf of each fund, FIIA, in turn, has entered into sub-research agreements with FIIA(U.K.)L and FIJ. Pursuant to
the research agreements, FMR may receive investment advice and research services concerning issuers and countries outside the United
States. Under the terms of the master international research agreement, FMR, and not the funds, pays FIIA. Under the terms of the sub-research agreements, FIIA, and not the funds, pays FIIA(U.K.)L and FIJ.

Sub-Adviser - FRAC. On behalf of each fund, FMR, FMRC, and FRAC have entered into a research agreement. Pursuant to the
research agreement, FRAC provides investment advice and research services on domestic issuers. Under the terms of the research agreement, FMR and FMRC, and not the funds, agree, in the aggregate, to pay FRAC.

Sub-Advisers - FMR U.K., FMR H.K., and FMR Japan, FIIA, FIIA(U.K.)L, and FIJ. On behalf of each fund, FMR has entered
into sub-advisory agreements with FMR U.K., FMR H.K., FMR Japan, and FIIA. On behalf of each fund, FIIA, in turn, has entered into
sub-advisory agreements with FIIA(U.K.)L and FIJ. Pursuant to the sub-advisory agreements, FMR may receive from the sub-advisers
investment research and advice on issuers outside the United States (non-discretionary services) and FMR may grant the sub-advisers
investment management authority and the authority to buy and sell securities if FMR believes it would be beneficial to the funds (discretionary services). FMR and FIIA, and not the funds, pay the sub-advisers.

Jed Weiss is the portfolio manager of Series International Growth and Series International Small Cap, and receives compensation for
his services. George Stairs is the portfolio manager of Series International Value and receives compensation for his services. As of June
30, 2009, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus,
in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion
of each portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

Each portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of each portfolio manager's bonus are based on (i) the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group assigned to each fund or account, and (ii) the investment
performance of other FMR international equity funds and accounts. The pre-tax investment performance of each portfolio manager's
fund(s) and account(s) is weighted according to the portfolio manager's tenure on those fund(s) and account(s) and the average asset size
of those fund(s) and account(s) over the portfolio manager's tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with the portfolio manager's
tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index, and rolling periods of
up to three years for the comparison to a peer group. A smaller, subjective component of each portfolio manager's bonus is based on the
portfolio manager's overall contribution to management of FMR. The portion of each portfolio manager's bonus that is linked to the
investment performance of his or her fund is based on the fund's pre-tax investment performance measured against the benchmark index
identified below for the fund and the fund's pre-tax investment performance (based on the performance of the fund's retail class) within
the peer groups identified below for the fund. Each portfolio manager also is compensated under equity-based compensation plans linked
to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services
company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If
requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance
and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

|Fund                           | Benchmark Index                        | Peer Group                                                                                       
|------------------------------ | -------------------------------------- | -------------------------------------------------------------------------------------------------
|Series International Growth    | MSCI EAFE Growth Index
(net MA tax)    | Morningstar Foreign Large Cap Growth, Foreign Mid
Cap Growth, Foreign Small Cap Growth Categories
|Series International Small Cap | MSCI EAFE Small Cap Index
(net MA tax) | Lipper International Small Cap Objective                                                         
|Series International Value     | MSCI EAFE Value Index (net
MA tax)     | Morningstar Foreign Large Cap Value, Foreign Mid Cap
Value, Foreign Small Cap Value Categories   

A portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest
through either tax-deferred accounts or taxable accounts, a portfolio manager's compensation is linked to the pre-tax performance of the
fund, rather than its after-tax performance. A portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly
link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio.The management of multiple funds and accounts
(including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In
addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. A portfolio manager may execute transactions
for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even
if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a
fund's Code of Ethics.

The following table provides information relating to other accounts managed by Mr. Weiss as of June 30, 2009:

|                                                                  | Registered
InvestmentCompanies* | Other Pooled
InvestmentVehicles | OtherAccounts
|----------------------------------------------------------------- | ------------------------------- | ------------------------------- | -------------
|Number of Accounts Managed                                        | 3                               | none                            | none         
|Number of Accounts Managed with Performance-Based Advisory Fees   | 3                               | none                            | none         
|Assets Managed (in millions)                                      | $ 370                           | none                            | none         
|Assets Managed with Performance-Based Advisory Fees (in millions) | $ 370                           | none                            | none         

* Does not include Series International Growth and Series International Small Cap. The funds are expected to commence operations on
[__________, 2009].

As of June 30, 2009, the dollar range of shares of Series International Growth and Series International Small Cap beneficially owned
by Mr. Weiss was none and none, respectively.

The following table provides information relating to other accounts managed by Mr. Stairs as of June 30, 2009:

|                                                                  | Registered
InvestmentCompanies* | Other Pooled
InvestmentVehicles | OtherAccounts
|----------------------------------------------------------------- | ------------------------------- | ------------------------------- | -------------
|Number of Accounts Managed                                        | 2                               | none                            | none         
|Number of Accounts Managed with Performance-Based Advisory Fees   | 2                               | none                            | none         
|Assets Managed (in millions)                                      | $ 196                           | none                            | none         
|Assets Managed with Performance-Based Advisory Fees (in millions) | $ 196                           | none                            | none         

* Does not include Series International Value. The fund is expected to commence operations on [__________, 2009].

As of June 30, 2009, the dollar range of shares of Series International Value beneficially owned by Mr. Stairs was none.

PROXY VOTING GUIDELINES

The following Proxy Voting Guidelines were established by the Board of Trustees of the funds, after consultation with Fidelity. (The
guidelines are reviewed periodically by Fidelity and by the Independent Trustees of the Fidelity funds, and, accordingly, are subject to
change.)

I.	General Principles

A.	Voting of shares will be conducted in a manner consistent with the best interests of Fidelity Fund shareholders as follows: (i)
securities of a portfolio company will generally be voted in a manner consistent with the Guidelines; and (ii) voting will be done without
regard to any other Fidelity companies' relationship, business or otherwise, with that portfolio company.

B.	FMR Investment Proxy Research votes proxies. In the event an Investment Proxy Research employee has a personal conflict with a portfolio company or an employee or director of a portfolio company, that employee will withdraw from making any proxy
voting decisions with respect to that portfolio company. A conflict of interest arises when there are factors that may prompt one to question whether a Fidelity employee is acting solely in the best interests of Fidelity and its customers. Employees are expected to avoid
situations that could present even the appearance of a conflict between their interests and the interests of Fidelity and its customers.

C.	Except as set forth herein, FMR will generally vote in favor of routine management proposals.

D.	Non-routine proposals will generally be voted in accordance with the Guidelines.

E.	Non-routine proposals not covered by the Guidelines or involving other special circumstances will be evaluated on a case-by-case basis with input from the appropriate FMR analyst or portfolio manager, as applicable, subject to review by an attorney within
FMR's General Counsel's office and a member of senior management within FMR's Investment Proxy Research. A significant pattern of
such proposals or other special circumstances will be referred to the appropriate Fidelity Fund Board Committee or its designee.

F.	FMR will vote on shareholder proposals not specifically addressed by the Guidelines based on an evaluation of a proposal's
likelihood to enhance the economic returns or profitability of the portfolio company or to maximize shareholder value. Where information is not readily available to analyze the economic impact of the proposal, FMR will generally abstain.

G.	Many Fidelity Funds invest in voting securities issued by companies that are domiciled outside the United States and are not
listed on a U.S. securities exchange. Corporate governance standards, legal or regulatory requirements and disclosure practices in foreign
countries can differ from those in the United States. When voting proxies relating to non-U.S. securities, FMR will generally evaluate
proposals in the context of the Guidelines, but FMR may, where applicable and feasible, take into consideration differing laws and regulations in the relevant foreign market in determining how to vote shares.

H.	In certain non-U.S. jurisdictions, shareholders voting shares of a portfolio company may be restricted from trading the
shares for a period of time around the shareholder meeting date. Because such trading restrictions can hinder portfolio management and
could result in a loss of liquidity for a fund, FMR will generally not vote proxies in circumstances where such restrictions apply. In addition, certain non-U.S. jurisdictions require voting shareholders to disclose current share ownership on a fund-by-fund basis. When such
disclosure requirements apply, FMR will generally not vote proxies in order to safeguard fund holdings information.

I.	Where a management-sponsored proposal is inconsistent with the Guidelines, FMR may receive a company's commitment
to modify the proposal or its practice to conform to the Guidelines, and FMR will generally support management based on this commitment. If a company subsequently does not abide by its commitment, FMR will generally withhold authority for the election of directors at
the next election.

II.	Definitions (as used in this document)

A.	Anti-Takeover Provision - includes fair price amendments; classified boards; "blank check" preferred stock; Golden Parachutes; supermajority provisions; Poison Pills; restricting the right to call special meetings; and any other provision that eliminates or
limits shareholder rights.

B.	Golden Parachute - Employment contracts, agreements, or policies that include an excise tax gross-up provision; single
trigger for cash incentives; or may result in a lump sum payment of cash and acceleration of equity that may total more than three times
annual compensation (salary and bonus) in the event of a termination following a change in control.

C.	Greenmail - payment of a premium to repurchase shares from a shareholder seeking to take over a company through a
proxy contest or other means.

D.	Sunset provision - a condition in a charter or plan that specifies an expiration date.

E.	Permitted Bid Feature - a provision suspending the application of a Poison Pill, by shareholder referendum, in the event a
potential acquirer announces a bona fide offer for all outstanding shares.

F.	Poison Pill - a strategy employed by a potential take-over/target company to make its stock less attractive to an acquirer.
Poison Pills are generally designed to dilute the acquirer's ownership and value in the event of a take-over.

G.	Large-Capitalization Company - a company included in the Russell 1000® stock index.

H.	Small-Capitalization Company - a company not included in the Russell 1000 stock index that is not a Micro-Capitalization
Company.

I.	Micro-Capitalization Company - a company with a market capitalization under US $300 million.

III.	Directors

A.	Incumbent Directors

FMR will generally vote in favor of incumbent and nominee directors except where one or more such directors clearly
appear to have failed to exercise reasonable judgment.

FMR will also generally withhold authority for the election of all directors or directors on responsible committees if:

1. An Anti-Takeover Provision was introduced, an Anti-Takeover Provision was extended, or a new Anti-Takeover Provision was adopted upon the expiration of an existing Anti-Takeover Provision, without shareholder approval except as set forth below.

With respect to Poison Pills, however, FMR will consider not withholding authority on the election of directors if all of the
following conditions are met when a Poison Pill is introduced, extended, or adopted:

a. The Poison Pill includes a Sunset Provision of less than five years;

b. The Poison Pill includes a Permitted Bid Feature;

c. The Poison Pill is linked to a business strategy that will result in greater value for the shareholders; and

d. Shareholder approval is required to reinstate the Poison Pill upon expiration.

FMR will also consider not withholding authority on the election of directors when one or more of the conditions above are
not met if a board is willing to strongly consider seeking shareholder ratification of, or adding above conditions noted a. and b. to an
existing Poison Pill. In such a case, if the company does not take appropriate action prior to the next annual shareholder meeting, FMR
will withhold authority on the election of directors.

2. The company refuses, upon request by FMR, to amend the Poison Pill to allow Fidelity to hold an aggregate position of up
to 20% of a company's total voting securities and of any class of voting securities.

3. Within the last year and without shareholder approval, a company's board of directors or compensation committee has
repriced outstanding options, exchanged outstanding options for equity, or tendered cash for outstanding options.

4. The company failed to act in the best interests of shareholders when approving executive compensation, taking into account such factors as: (i) whether the company used an independent compensation committee; and (ii) whether the compensation committee engaged independent compensation consultants; and (iii) whether it has been proven that the company engaged in options backdating.

5. To gain FMR's support on a proposal, the company made a commitment to modify a proposal or practice to conform to
the Guidelines and the company has failed to act on that commitment.

6. The director attended fewer than 75% of the aggregate number of meetings of the board or its committees on which the
director served during the company's prior fiscal year, absent extenuating circumstances.

7. The board is not comprised of a majority of independent directors.

B.	Indemnification

FMR will generally vote in favor of charter and by-law amendments expanding the indemnification of directors and/or
limiting their liability for breaches of care unless FMR is otherwise dissatisfied with the performance of management or the proposal is
accompanied by Anti-Takeover Provisions.

C.	Independent Chairperson

FMR will generally vote against shareholder proposals calling for or recommending the appointment of a non-executive or
independent chairperson. However, FMR will consider voting for such proposals in limited cases if, based upon particular facts and
circumstances, appointment of a non-executive or independent chairperson appears likely to further the interests of shareholders and to
promote effective oversight of management by the board of directors.

D.	Majority Director Elections

FMR will generally vote in favor of proposals calling for directors to be elected by an affirmative majority of votes cast in a
board election, provided that the proposal allows for plurality voting standard in the case of contested elections (i.e., where there are more
nominees than board seats). FMR may consider voting against such shareholder proposals where a company's board has adopted an
alternative measure, such as a director resignation policy, that provides a meaningful alternative to the majority voting standard and
appropriately addresses situations where an incumbent director fails to receive the support of a majority of the votes cast in an uncontested election.

IV.	Compensation

A.	Equity award plans (including stock options, restricted stock awards, and other stock awards).

FMR will generally vote against equity award plans or amendments to authorize additional shares under such plans if:

1. (a) The dilution effect of the shares outstanding and available for issuance pursuant to all plans, plus any new share requests is greater than 10% for a Large-Capitalization Company, 15% for a Small-Capitalization Company or 20% for a Micro-Capitalization Company; and (b) there were no circumstances specific to the company or the plans that lead FMR to conclude that the level of
dilution in the plan or the amendments is acceptable.

2. In the case of stock option plans, (a) the offering price of options is less than 100% of fair market value on the date of
grant, except that the offering price may be as low as 85% of fair market value if the discount is expressly granted in lieu of salary or cash
bonus; (b) the plan's terms allow repricing of underwater options; or (c) the board/committee has repriced options outstanding under the
plan in the past two years.

3. The plan may be materially altered without shareholder approval, including increasing the benefits accrued to participants under the plan; increasing the number of securities which may be issued under the plan; modifying the requirements for participation in the plan; or including a provision allowing the board to lapse or waive restrictions at its discretion, except in limited cases relating
to death, disability, retirement, or change in control.

4. Awards to non-employee directors are subject to management discretion.

5. In the case of stock awards, the restriction period is less than three years for non-performance-based awards, and less than
one year for performance-based awards.

FMR will consider approving an equity award plan or an amendment to authorize additional shares under such plan if,
without complying with the guidelines immediately above, the following two conditions are met:

1. The shares are granted by a compensation committee composed entirely of independent directors; and

2. The shares are limited to 5% (Large-Capitalization Company) and 10% (Small-or Micro-Capitalization Company) of the
shares authorized for grant under the plan.

B.	Equity Exchanges and Repricing

FMR will generally vote in favor of a management proposal to exchange, reprice or tender for cash, outstanding options if
the proposed exchange, repricing, or tender offer is consistent with the interests of shareholders, taking into account such factors as:

1. Whether the proposal excludes senior management and directors;

2. Whether the exchange or repricing proposal is value neutral to shareholders based upon an acceptable pricing model;

3. The company's relative performance compared to other companies within the relevant industry or industries;

4. Economic and other conditions affecting the relevant industry or industries in which the company competes; and

5. Any other facts or circumstances relevant to determining whether an exchange or repricing proposal is consistent with
the interests of shareholders.

C.	Employee Stock Purchase Plans

FMR will generally vote against employee stock purchase plans if the plan violates any of the criteria in section IV(A)
above, except that the minimum stock purchase price may be equal to or greater than 85% of the stock's fair market value if the plan
constitutes a reasonable effort to encourage broad based participation in the company's equity. In the case of non-U.S. company stock
purchase plans, FMR may permit a lower minimum stock purchase price equal to the prevailing "best practices" in the relevant non-U.S.
market, provided that the minimum stock purchase price must be at least 75% of the stock's fair market value.

D.	Employee Stock Ownership Plans (ESOPs)

FMR will generally vote in favor of non-leveraged ESOPs. For leveraged ESOPs, FMR may examine the company's state
of incorporation, existence of supermajority vote rules in the charter, number of shares authorized for the ESOP, and number of shares
held by insiders. FMR may also examine where the ESOP shares are purchased and the dilution effect of the purchase. FMR will generally vote against leveraged ESOPs if all outstanding loans are due immediately upon change in control.

E.	Executive Compensation

FMR will generally vote against management proposals on stock-based compensation plans or other compensation plans if
such proposals are inconsistent with the interests of shareholders, taking into account such factors as: (i) whether the company has an
independent compensation committee; and (ii) whether the compensation committee has authority to engage independent compensation
consultants.

F.	Bonus Plans and Tax Deductibility Proposals

FMR will generally vote in favor of cash and stock incentive plans that are submitted for shareholder approval in order to
qualify for favorable tax treatment under Section 162(m) of the Internal Revenue Code, provided that the plan includes well defined and
appropriate performance criteria, and with respect to any cash component, that the maximum award per participant is clearly stated and is
not unreasonable or excessive.

V.	Anti-Takeover Provisions

FMR will generally vote against a proposal to adopt or approve the adoption of an Anti-Takeover Provision unless:

A.	The Poison Pill includes the following features:

1. A Sunset Provision of no greater than five years;

2. Linked to a business strategy that is expected to result in greater value for the shareholders;

3. Requires shareholder approval to be reinstated upon expiration or if amended;

4. Contains a Permitted Bid Feature; and

5. Allows the Fidelity Funds to hold an aggregate position of up to 20% of a company's total voting securities and of any
class of voting securities.

B.	An Anti-Greenmail proposal that does not include other Anti-Takeover Provisions; or

C.	It is a fair price amendment that considers a two-year price history or less.

FMR will generally vote in favor of proposals to eliminate Anti-Takeover Provisions. In the case of proposals to declassify a
board of directors, FMR will generally vote against such a proposal if the issuer's Articles of Incorporation or applicable statutes include
a provision whereby a majority of directors may be removed at any time, with or without cause, by written consent, or other reasonable
procedures, by a majority of shareholders entitled to vote for the election of directors.

VI.	Capital Structure/Incorporation

A.	Increases in Common Stock

FMR will generally vote against a provision to increase a company's common stock if such increase will result in a total
number of authorized shares greater than three times the current number of outstanding and scheduled to be issued shares, including stock
options, except in the case of real estate investment trusts, where an increase that will result in a total number of authorized shares up to
five times the current number of outstanding and scheduled to be issued shares is generally acceptable.

B.	New Classes of Shares

FMR will generally vote against the introduction of new classes of stock with differential voting rights.

C.	Cumulative Voting Rights

FMR will generally vote against the introduction and in favor of the elimination of cumulative voting rights.

D.	Acquisition or Business Combination Statutes

FMR will generally vote in favor of proposed amendments to a company's certificate of incorporation or by-laws that enable the company to opt out of the control shares acquisition or business combination statutes.

E.	Incorporation or Reincorporation in Another State or Country

FMR will generally vote against shareholder proposals calling for or recommending that a portfolio company reincorporate
in the United States and vote in favor of management proposals to reincorporate in a jurisdiction outside the United States if (i) it is lawful
under United States, state and other applicable law for the company to be incorporated under the laws of the relevant foreign jurisdiction
and to conduct its business and (ii) reincorporating or maintaining a domicile in the United States would likely give rise to adverse tax or
other economic consequences detrimental to the interests of the company and its shareholders. However, FMR will consider supporting
such shareholder proposals and opposing such management proposals in limited cases if, based upon particular facts and circumstances,
reincorporating in or maintaining a domicile in the relevant foreign jurisdiction gives rise to significant risks or other potential adverse
consequences that appear reasonably likely to be detrimental to the interests of the company or its shareholders.

VII. 	Shares of Investment Companies

A.	When a Fidelity Fund invests in an underlying Fidelity Fund with public shareholders, an exchange traded fund (ETF), or
non-affiliated fund, FMR will vote in the same proportion as all other voting shareholders of such underlying fund or class ("echo voting").

B.	Certain Fidelity Funds may invest in shares of underlying Fidelity Funds which are held exclusively by Fidelity Funds or
accounts managed by an FMR or an affiliate. FMR will generally vote in favor of proposals recommended by the underlying funds' Board
of Trustees.

VIII. Other

A.	Voting Process

FMR will generally vote in favor of proposals to adopt confidential voting and independent vote tabulation practices.

B.	Regulated Industries

Voting of shares in securities of any regulated industry (e.g. U.S. banking) organization shall be conducted in a manner
consistent with conditions that may be specified by the industry's regulator (e.g. the Federal Reserve Board) for a determination under
applicable law (e.g. federal banking law) that no fund or group of funds has acquired control of such organization.

To view a fund's proxy voting record for the most recent 12-month period ended June 30, if applicable, visit www.fidelity.com/proxyvotingresults or visit the SEC's web site at www.sec.gov.

DISTRIBUTION SERVICES

For purposes of the following "Distribution Services" discussion, the term "shares" (as it relates to the funds) means the one class of
shares of a fund offered through the prospectus to which this SAI relates.

Each fund has entered into a distribution agreement with FDC, an affiliate of FMR. The principal business address of FDC is 82 Devonshire Street, Boston, Massachusetts 02109. FDC is a broker-dealer registered under the Securities Exchange Act of 1934 and a member
of the National Association of Securities Dealers, Inc. The distribution agreements call for FDC to use all reasonable efforts, consistent
with its other business, to secure purchasers for shares of the funds, which are continuously offered at NAV. Promotional and administrative expenses in connection with the offer and sale of shares are paid by FMR.

The Trustees have approved Distribution and Service Plans on behalf of Class F of each fund (the Plans) pursuant to Rule 12b-1 under
the 1940 Act (the Rule). The Rule provides in substance that a mutual fund may not engage directly or indirectly in financing any activity
that is primarily intended to result in the sale of shares of the fund except pursuant to a plan approved on behalf of the fund under the Rule.
The Plans, as approved by the Trustees, allow Class F and FMR to incur certain expenses that might be considered to constitute indirect
payment by the funds of distribution expenses.

Under each Class F Plan, if the payment of management fees by the fund to FMR is deemed to be indirect financing by each fund of the
distribution of its shares, such payment is authorized by the Plan. Each Class F Plan specifically recognizes that FMR may use its
management fee revenue, as well as its past profits or its other resources, to pay FDC for expenses incurred in connection with providing
services intended to result in the sale of Class F shares and/or shareholder support services. In addition, each Class F Plan provides that
FMR, directly or through FDC, may pay significant amounts to intermediaries, including retirement plan sponsors, administrators, and
service-providers (who may be affiliated with FMR or FDC), that provide those services. Currently, the Board of Trustees has authorized
such payments for Class F shares.

Prior to approving each Plan, the Trustees carefully considered all pertinent factors relating to the implementation of the Plan, and
determined that there is a reasonable likelihood that the Plan will benefit Class F of the fund and its shareholders. In particular, the Trustees noted that each Class F Plan does not authorize payments by Class F of the fund other than those made to FMR under its management
contract with the fund. To the extent that each Plan gives FMR and FDC greater flexibility in connection with the distribution of Class F
shares, additional sales of Class F shares or stabilization of cash flows may result. Furthermore, certain shareholder support services may
be provided more effectively under the Plans by local entities with whom shareholders have other relationships.

FDC or an affiliate may compensate, or upon direction make payments for certain retirement plan expenses to, intermediaries, including retirement plan sponsors, administrators, and service-providers (including affiliates of FDC). A number of factors are considered in
determining whether to pay these additional amounts. Such factors may include, without limitation, the level or type of services provided
by the intermediary, the level or expected level of assets or sales of shares, and other factors. In addition to such payments, FDC or an
affiliate may offer other incentives such as sponsorship of educational or client seminars relating to current products and issues, payments
or reimbursements for travel and related expenses associated with due diligence trips that an intermediary may undertake in order to
explore possible business relationships with affiliates of FDC, and/or payments of costs and expenses associated with attendance at seminars, including travel, lodging, entertainment, and meals. Certain of the payments described above may be significant to an intermediary.
As permitted by SEC and the National Association of Securities Dealers rules and other applicable laws and regulations, FDC or an
affiliate may pay or allow other incentives or payments to intermediaries.

A fund's transfer agent or an affiliate may also make payments and reimbursements from its own resources to certain intermediaries
(who may be affiliated with the transfer agent) for providing recordkeeping and administrative services to plan participants or for providing other services to retirement plans. Please see "Transfer and Service Agent Agreements" in this SAI for more information.

FDC or an affiliate may also make payments to banks, broker-dealers and other service-providers (who may be affiliated with FDC)
for distribution-related activities and/or shareholder services. If you have purchased shares of a fund through an investment professional,
please speak with your investment professional to learn more about any payments his or her firm may receive from FMR, FDC, and/or
their affiliates, as well as fees and/or commissions the investment professional charges. You should also consult disclosures made by your
investment professional at the time of purchase.

Any of the payments described in this section may represent a premium over payments made by other fund families. Investment
professionals may have an added incentive to sell or recommend a fund over others offered by competing fund families, or retirement
plan sponsors may take these payments into account when deciding whether to include a fund as a plan investment option.

TRANSFER AND SERVICE AGENT AGREEMENTS

For purposes of the following "Transfer and Service Agent Agreements" discussion, the term "shares" (as it relates to the funds)
means the one class of shares of a fund offered through the prospectus to which this SAI relates.

Each fund has entered into a transfer agent agreement with FIIOC, an affiliate of FMR, which is located at 82 Devonshire Street,
Boston, Massachusetts 02109. Under the terms of the agreements, FIIOC (or an agent, including an affiliate) performs transfer agency
services for Class F of each fund.

FIIOC receives no fees for providing transfer agency services to Class F.

FIIOC bears the expense of typesetting, printing, and mailing prospectuses, statements of additional information, and all other reports, notices, and statements to existing shareholders, with the exception of proxy statements.

Each fund has entered into a service agent agreement with FSC, an affiliate of FMR (or an agent, including an affiliate). Each fund has
also entered into a securities lending administration agreement with FSC. Under the terms of the agreements, FSC calculates the NAV
and dividends for Class F of each fund, maintains each fund's portfolio and general accounting records, and administers each fund's
securities lending program.

For providing pricing and bookkeeping services, FSC receives a monthly fee based on each fund's average daily net assets throughout
the month.

The annual rates for pricing and bookkeeping services for the funds are 0.0518% of the first $500 million of average net assets,
0.0415% of average net assets between $500 million and $3.5 billion, 0.0041% of average net assets between $3.5 billion and $25 billion,
and 0.0019% of average net assets in excess of $25 billion.

For administering each fund's securities lending program, FSC is paid based on the number and duration of individual securities
loans.

DESCRIPTION OF THE TRUST

Trust Organization. Fidelity Series International Growth Fund, Fidelity Series International Value Fund, and Fidelity Series International Small Cap Fund are funds of Fidelity Investment Trust, an open-end management investment company created under an initial
declaration of trust dated April 20, 1984. Currently, there are 27 funds offered in Fidelity Investment Trust: Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Europe, Middle East, Africa Fund, Fidelity Emerging
Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Global Commodity Stock Fund, Fidelity International Capital Appreciation, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity International Small
Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan
Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Series Emerging Markets Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, Fidelity
Series International Value Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund.
The Trustees are permitted to create additional funds in the trust and to create additional classes of the funds.

The assets of the trust received for the issue or sale of shares of each fund and all income, earnings, profits, and proceeds thereof,
subject to the rights of creditors, are allocated to such fund, and constitute the underlying assets of such fund. The underlying assets of
each fund in the trust shall be charged with the liabilities and expenses attributable to such fund, except that liabilities and expenses may
be allocated to a particular class. Any general expenses of the trust shall be allocated between or among any one or more of the funds or
classes.

Shareholder Liability. The trust is an entity commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of such a trust may, under certain circumstances, be held personally liable for the obligations of the trust.

The Declaration of Trust contains an express disclaimer of shareholder liability for the debts, liabilities, obligations, and expenses of
the trust or fund. The Declaration of Trust provides that the trust shall not have any claim against shareholders except for the payment of
the purchase price of shares and requires that each agreement, obligation, or instrument entered into or executed by the trust or the Trustees relating to the trust or to a fund shall include a provision limiting the obligations created thereby to the trust or to one or more funds and
its or their assets. The Declaration of Trust further provides that shareholders of a fund shall not have a claim on or right to any assets
belonging to any other fund.

The Declaration of Trust provides for indemnification out of each fund's property of any shareholder or former shareholder held
personally liable for the obligations of the fund solely by reason of his or her being or having been a shareholder and not because of his or
her acts or omissions or for some other reason. The Declaration of Trust also provides that each fund shall, upon request, assume the
defense of any claim made against any shareholder for any act or obligation of the fund and satisfy any judgment thereon. Thus, the risk of
a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which a fund itself would be unable to meet its obligations. FMR believes that, in view of the above, the risk of personal liability to shareholders is remote. Claims
asserted against one class of shares may subject holders of another class of shares to certain liabilities.

Voting Rights. Each fund's capital consists of shares of beneficial interest. As a shareholder, you are entitled to one vote for each
dollar of net asset value you own. The voting rights of shareholders can be changed only by a shareholder vote. Shares may be voted in the
aggregate, by fund, and by class.

The shares have no preemptive or conversion rights. Shares are fully paid and nonassessable, except as set forth under the heading
"Shareholder Liability" above.

The trust or a fund or a class may be terminated upon the sale of its assets to, or merger with, another open-end management investment company, series, or class thereof, or upon liquidation and distribution of its assets. The Trustees may reorganize, terminate, merge,
or sell all or a portion of the assets of the trust or a fund or a class without prior shareholder approval. In the event of the dissolution or
liquidation of the trust, shareholders of each of its funds are entitled to receive the underlying assets of such fund available for distribution. In the event of the dissolution or liquidation of a fund or a class, shareholders of that fund or that class are entitled to receive the
underlying assets of the fund or class available for distribution.

Custodians.___________________________, is custodian of the assets of the fund. The custodian is responsible for the safekeeping
of the fund's assets and the appointment of any subcustodian banks and clearing agencies. [JPMorgan Chase Bank, headquartered in New
York, also may serve as a special purpose custodian of certain assets in connection with repurchase agreement transactions/The Bank of
New York Mellon, headquartered in New York, also may serve as a special purpose custodian of certain assets in connection with repurchase agreement transactions/The Bank of New York Mellon and JPMorgan Chase Bank, each headquartered in New York, also may
serve as special purpose custodians of certain assets in connection with repurchase agreement transactions].

FMR, its officers and directors, its affiliated companies, Member of the Advisory Board, and Members of the Board of Trustees may,
from time to time, conduct transactions with various banks, including banks serving as custodians for certain funds advised by FMR. [The
Boston branch of [________]'s custodian leases its office space from an affiliate of FMR at a lease payment which, when entered into,
was consistent with prevailing market rates. Transactions that have occurred to date include mortgages and personal and general business
loans. In the judgment of FMR, the terms and conditions of those transactions were not influenced by existing or potential custodial or
other fund relationships.

Independent Registered Public Accounting Firm[s]. _______, independent registered public accounting firm, examines financial
statements for each fund and provides other audit[, tax, and ]related services.

FUND HOLDINGS INFORMATION

Each fund views holdings information as sensitive and limits its dissemination. The Board authorized FMR to establish and administer guidelines for the dissemination of fund holdings information, which may be amended at any time without prior notice. FMR's Disclosure Policy Committee (comprising executive officers of FMR) evaluates disclosure policy with the goal of serving a fund's best interests
by striking an appropriate balance between providing information about a fund's portfolio and protecting a fund from potentially harmful
disclosure. The Board reviews the administration and modification of these guidelines and receives reports from the funds' chief compliance officer periodically.

Each fund will provide a full list of holdings, including its top ten holdings, monthly on www.fidelity.com 30 days after the month-end
(excluding high income security holdings, which generally will be presented collectively monthly and included in a list of full holdings
60 days after its fiscal quarter-end).

Each fund will provide its top ten holdings (excluding cash and futures) as of the end of the calendar quarter on Fidelity's web site 15 or
more days after the calendar quarter-end.

This information will be available on the web site until updated for the next applicable period.

A fund may also from time to time provide or make available to the Board or third parties upon request specific fund level performance attribution information and statistics. Third parties may include fund shareholders or prospective fund shareholders, members of
the press, consultants, and ratings and ranking organizations.

The Use of Holdings In Connection With Fund Operations. Material non-public holdings information may be provided as part of
the investment activities of each fund to: entities which, by explicit agreement or by virtue of their respective duties to the fund, are
required to maintain the confidentiality of the information disclosed; other parties if legally required; or persons FMR believes will not
misuse the disclosed information. These entities, parties, and persons include: a fund's trustees; a fund's manager, its sub-advisers and
their affiliates whose access persons are subject to a code of ethics; contractors who are subject to a confidentiality agreement; a fund's
auditors; a fund's custodians; proxy voting service providers; financial printers; pricing service vendors; broker-dealers in connection
with the purchase or sale of securities or requests for price quotations or bids on one or more securities; securities lending agents; counsel
to a fund or its Independent Trustees; regulatory authorities; stock exchanges and other listing organizations; parties to litigation; and
third-parties in connection with a bankruptcy proceeding relating to a fund holding. Non-public holdings information may also be provided to an issuer regarding the number or percentage of its shares that are owned by a fund and in connection with redemptions in kind.

Other Uses Of Holdings Information. In addition, each fund may provide material non-public holdings information to (i) third-parties that calculate information derived from holdings for use by FMR or its affiliates, (ii) third parties that supply their analyses of holdings (but not the holdings themselves) to their clients (including sponsors of retirement plans or their consultants), (iii) ratings and rankings organizations, and (iv) an investment adviser, trustee, or their agents to whom holdings are disclosed for due diligence purposes or in
anticipation of a merger involving a fund. Each individual request is reviewed by the Disclosure Policy Committee which must find, in its
sole discretion that, based on the specific facts and circumstances, the disclosure appears unlikely to be harmful to a fund. Entities receiving this information must have in place control mechanisms to reasonably ensure or otherwise agree that, (a) the holdings information
will be kept confidential, (b) no employee shall use the information to effect trading or for their personal benefit, and (c) the nature and
type of information that they, in turn, may disclose to third-parties is limited. FMR relies primarily on the existence of non-disclosure
agreements and/or control mechanisms when determining that disclosure is not likely to be harmful to a fund.

At this time, the entities receiving information described in the preceding paragraph are: Factset Research Systems Inc. (full or partial
fund holdings daily, on the next business day); Thomson Vestek (full holdings, as of the end of the calendar quarter, 15 calendar days after
the calendar quarter-end); Standard & Poor's® Rating Services (full holdings weekly (generally as of the previous Friday), generally 5
business days thereafter); Moody's Investors Service (full holdings monthly, (generally as of the last Friday of each month), generally the
first Friday of the following month); Anacomp Inc. (full or partial holdings daily, on the next business day); and Fitch Inc. and certain
affiliates (full holdings weekly (generally as of the previous Friday), generally 5 business days thereafter).

FMR, its affiliates, or the funds will not enter into any arrangements with third-parties from which they derive consideration for the
disclosure of material non-public holdings information. If, in the future, FMR desired to make such an arrangement, it would seek prior
Board approval and any such arrangements would be disclosed in the funds' SAI.

There can be no assurance that the funds' policies and procedures with respect to disclosure of fund portfolio holdings will prevent the
misuse of such information by individuals and firms that receive such information.

APPENDIX

Fidelity and Fidelity Investments & (Pyramid) Design, are registered trademarks of FMR LLC.

The third party marks appearing above are the marks of their respective owners.

Fidelity Investment Trust
Post-Effective Amendment No. 115

PART C.  OTHER INFORMATION

Item 23.	Exhibits

(a)	(1)	Amended and Restated Declaration of Trust, dated March 14, 2001, is incorporated herein by reference to Exhibit
(a)(1) of Post-Effective Amendment No. 82.

(2)	Amendment to the Declaration of Trust, dated December 13, 2007, is incorporated herein by reference to Exhibit
(a)(2) of Post-Effective Amendment No. 105.

(b)	Bylaws of the Trust, as amended and dated June 17, 2004, are incorporated herein by reference to
Exhibit (b) of Fidelity Summer Street Trust's (File No. 002-58542) Post-Effective Amendment
No. 63.

(c)	Not applicable.

(d)	(1)Management Contract, dated August 1, 2007, between Fidelity Aggressive International Fund
(currently Fidelity International Capital Appreciation Fund) and Fidelity Management & Research
Company, is incorporated herein by reference to Exhibit (d)(1) of Post-Effective Amendment No.
101.

(2)Amended and Restated Management Contract, dated August 1, 2008, between Fidelity Diversified
International Fund and Fidelity Management & Research Company, is incorporated herein by reference to Exhibit (d)(2) of Post-Effective Amendment No. 106.

(3)Management Contract, dated August 1, 2007, between Fidelity International Discovery Fund and
Fidelity Management & Research Company, is incorporated herein by reference to Exhibit (d)(3)
of Post-Effective Amendment No. 100.

(4)Amended and Restated Management Contract, dated August 1, 2008, between Fidelity Overseas
Fund and Fidelity Management & Research Company, is incorporated herein by reference to Exhibit (d)(4) of Post-Effective Amendment No. 106.

(5)Management Contract, dated August 1, 2007, between Fidelity Worldwide Fund and Fidelity Management & Research Company, is incorporated herein by reference to Exhibit (d)(5) of Post-Effective Amendment No. 101.

(6)Management Contract, dated August 1, 2007, between Fidelity Canada Fund and Fidelity Management & Research Company, is incorporated herein by reference to Exhibit (d)(6) of Post-Effective
Amendment No. 100.

(7)Management Contract, dated August 1, 2007, between Fidelity China Region Fund and Fidelity
Management & Research Company, is incorporated herein by reference to Exhibit (d)(7) of Post-Effective Amendment No. 100.

(8)Management Contract, dated August 1, 2007, between Fidelity Emerging Markets Fund and Fidelity Management & Research Company, is incorporated herein by reference to Exhibit (d)(8) of
Post-Effective Amendment No. 100.

(9)Management Contract, dated August 1, 2007, between Fidelity Europe Fund and Fidelity Management & Research Company, is incorporated herein by reference to Exhibit (d)(9) of Post-Effective
Amendment No. 100.

(10)Management Contract, dated August 1, 2007, between Fidelity Europe Capital Appreciation Fund
and Fidelity Management & Research Company, is incorporated herein by reference to Exhibit
(d)(10) of Post-Effective Amendment No. 100.

(11)Management Contract, dated August 1, 2007, between Fidelity Japan Fund and Fidelity Management & Research Company, is incorporated herein by reference to Exhibit (d)(11) of Post-Effective Amendment No. 100.

(12)Management Contract, dated August 1, 2007, between Fidelity Japan Smaller Companies Fund
and Fidelity Management & Research Company, is incorporated herein by reference to Exhibit
(d)(12) of Post-Effective Amendment No. 100.

(13)Management Contract, dated August 1, 2007, between Fidelity Latin America Fund and Fidelity
Management & Research Company, is incorporated herein by reference to Exhibit (d)(13) of Post-Effective Amendment No. 100.

(14)Management Contract, dated August 1, 2007, between Fidelity Nordic Fund and Fidelity Management & Research Company, is incorporated herein by reference to Exhibit (d)(14) of Post-Effective Amendment No. 100.

(15)Management Contract, dated August 1, 2007, between Fidelity Pacific Basin Fund and Fidelity
Management & Research Company, is incorporated herein by reference to Exhibit (d)(15) of Post-Effective Amendment No. 100.

(16)Management Contract, dated August 1, 2007, between Fidelity Southeast Asia Fund and Fidelity
Management & Research Company, is incorporated herein by reference to Exhibit (d)(16) of Post-Effective Amendment No. 100.

(17)	Management Contract, dated August 1, 2007, between Fidelity International Small Cap Fund and
Fidelity Management & Research Company, is incorporated herein by reference to Exhibit (d)(17)
of Post-Effective Amendment No. 100.

(18)	Management Contract, dated August 1, 2007, between Fidelity International Small Cap Opportunities Fund and Fidelity Management & Research Company, is incorporated herein by reference to
Exhibit (d)(18) of Post-Effective Amendment No. 100.

(19)	Management Contract, dated August 1, 2007, between Fidelity International Value Fund and Fidelity Management & Research Company, is incorporated herein by reference to Exhibit (d)(19)
of Post-Effective Amendment No. 100.

(20)	Management Contract, dated October 18, 2007, between Fidelity International Growth Fund and
Fidelity Management & Research Company, is incorporated herein by reference to Exhibit (d)(20)
of Post-Effective Amendment No. 101.

(21)	Management Contract, dated October 18, 2007, between Fidelity Total International Equity Fund
and Fidelity Management & Research Company, is incorporated herein by reference to Exhibit
(d)(21) of Post-Effective Amendment No. 101.

(22)	Management Contract, dated April 17, 2008, between Fidelity Emerging Europe, Middle East,
Africa (EMEA) Fund and Fidelity Management & Research Company, is incorporated herein by
reference to Exhibit (d)(22) of Post-Effective Amendment No. 105.

(23)	Management Contract, dated September 17, 2008, between Fidelity Series Emerging Markets
Fund and Fidelity Management & Research Company is incorporated herein by reference to Exhibit (d)(23) of Post-Effective Amendment No. 109.

(24)	Management Contract, dated November 19, 2008, between Fidelity Global Commodity Stock
Fund and Fidelity Management & Research Company, is filed herein as Exhibit (d)(24).

(25)	Management Contract between Fidelity Series International Growth Fund and Fidelity Management & Research Company, is to be filed by subsequent amendment.

(26)	Management Contract between Fidelity Series International Value Fund and Fidelity Management
& Research Company, is to be filed by subsequent amendment.

(27)	Management Contract between Fidelity Series International Small Cap Fund and Fidelity Management & Research Company, is to be filed by subsequent amendment.

(28)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital
Appreciation Fund), is incorporated herein by reference to Exhibit (d)(20) of Post-Effective
Amendment No. 82.

(29)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), is incorporated herein by reference to Exhibit (d)(21) of Post-Effective Amendment No. 82.

(30)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), is incorporated herein by reference to Exhibit (d)(22) of Post-Effective Amendment
No. 82.

(31)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Aggressive International Fund (currently Fidelity
International Capital Appreciation Fund), is incorporated herein by reference to Exhibit (d)(23) of
Post-Effective Amendment No. 82.

(32)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.)
Ltd.) on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital
Appreciation Fund), is incorporated herein by reference to Exhibit (d)(30) of Post-Effective
Amendment No. 105.

(33)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Aggressive International Fund (currently Fidelity International
Capital Appreciation Fund), is incorporated herein by reference to Exhibit (d)(31) of Post-Effective Amendment No. 105.

(34)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Diversified International Fund, is incorporated herein by reference to
Exhibit (d)(26) of Post-Effective Amendment No. 82.

(35)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Diversified International Fund, is incorporated herein by reference to Exhibit (d)(27) of Post-Effective Amendment No. 82.

(36)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Diversified International Fund, is incorporated herein by reference to Exhibit
(d)(28) of Post-Effective Amendment No. 82.

(37)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Diversified International Fund, is incorporated
herein by reference to Exhibit (d)(29) of Post-Effective Amendment No. 82.

(38)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Diversified International Fund, is incorporated herein by reference to Exhibit
(d)(38) of Post-Effective Amendment No. 105.

(39)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Diversified International Fund, is incorporated herein by reference to Exhibit (d)(39) of Post-Effective Amendment No. 105.

(40)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity International Growth & Income Fund (currently Fidelity International
Discovery Fund), is incorporated herein by reference to Exhibit (d)(38) of Post-Effective Amendment No. 82.

(41)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
International Growth & Income Fund (currently Fidelity International Discovery Fund), is incorporated herein by reference to Exhibit (d)(39) of Post-Effective Amendment No. 82.

(42)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity International Growth & Income Fund (currently Fidelity International Discovery
Fund), is incorporated herein by reference to Exhibit (d)(40) of Post-Effective Amendment No.
82.

(43)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity International Growth & Income Fund (currently
Fidelity International Discovery Fund), is incorporated herein by reference to Exhibit (d)(41) of
Post-Effective Amendment No. 82.

(44)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity International Growth & Income Fund (currently Fidelity International Discovery
Fund), is incorporated herein by reference to Exhibit (d)(46) of Post-Effective Amendment No.
105.

(45)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity International Growth & Income Fund (currently Fidelity International Discovery Fund), is incorporated herein by reference to Exhibit (d)(47) of Post-Effective
Amendment No. 105.

(46)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Overseas Fund, is incorporated herein by reference to Exhibit (d)(44) of
Post-Effective Amendment No. 82.

(47)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Overseas Fund, is incorporated herein by reference to Exhibit (d)(45) of Post-Effective Amendment No. 82.

(48)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Overseas Fund, is incorporated herein by reference to Exhibit (d)(46) of Post-Effective Amendment No. 82.

(49)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Overseas Fund, is incorporated herein by reference to Exhibit (d)(47) of Post-Effective Amendment No. 82.

(50)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Overseas Fund, is incorporated herein by reference to Exhibit (d)(54) of Post-Effective Amendment No. 105.

(51)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Overseas Fund, is incorporated herein by reference to Exhibit
(d)(55) of Post-Effective Amendment No. 105.

(52)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Worldwide Fund, is incorporated herein by reference to Exhibit (d)(50)
of Post-Effective Amendment No. 82.

(53)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Worldwide Fund, is incorporated herein by reference to Exhibit (d)(51) of Post-Effective Amendment No. 82.

(54)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Worldwide Fund, is incorporated herein by reference to Exhibit (d)(52) of Post-Effective Amendment No. 82.

(55)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Worldwide Fund, is incorporated herein by reference to Exhibit (d)(53) of Post-Effective Amendment No. 82.

(56)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Worldwide Fund, is incorporated herein by reference to Exhibit (d)(62) of Post-Effective Amendment No. 105.

(57)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Worldwide Fund, is incorporated herein by reference to Exhibit
(d)(63) of Post-Effective Amendment No. 105.

(58)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Canada Fund, is incorporated herein by reference to Exhibit (d)(56) of
Post-Effective Amendment No. 82.

(59)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Canada Fund, is incorporated herein by reference to Exhibit (d)(57) of Post-Effective Amendment
No. 82.

(60)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Canada Fund, is incorporated herein by reference
to Exhibit (d)(58) of Post-Effective Amendment No. 82.

(61)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Canada Fund, is incorporated herein by reference to Exhibit (d)(69) of Post-Effective Amendment No. 105.

(62)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity China Region Fund, is incorporated herein by reference to Exhibit
(d)(61) of Post-Effective Amendment No. 82.

(63)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
China Region Fund, is incorporated herein by reference to Exhibit (d)(62) of Post-Effective
Amendment No. 82.

(64)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity China Region Fund, is incorporated herein by reference to Exhibit (d)(63) of Post-Effective Amendment No. 82.

(65)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity China Region Fund, is incorporated herein by
reference to Exhibit (d)(64) of Post-Effective Amendment No. 82.

(66)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity China Region Fund, is incorporated herein by reference to Exhibit (d)(77) of
Post-Effective Amendment No. 105.

(67)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity China Region Fund, is incorporated herein by reference to Exhibit (d)(76) of Post-Effective Amendment No. 105.

(68)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Emerging Markets Fund, is incorporated herein by reference to Exhibit
(d)(67) of Post-Effective Amendment No. 82.

(69)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Emerging Markets Fund, is incorporated herein by reference to Exhibit (d)(68) of Post-Effective
Amendment No. 82.

(70)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Emerging Markets Fund, is incorporated herein by reference to Exhibit (d)(69) of
Post-Effective Amendment No. 82.

(71)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Emerging Markets Fund, is incorporated herein
by reference to Exhibit (d)(70) of Post-Effective Amendment No. 82.

(72)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Emerging Markets Fund, is incorporated herein by reference to Exhibit (d)(84)
of Post-Effective Amendment No. 105.

(73)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Emerging Markets Fund, is incorporated herein by reference to
Exhibit (d)(85) of Post-Effective Amendment No. 105.

(74)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Europe Fund, is incorporated herein by reference to Exhibit (d)(73) of
Post-Effective Amendment No. 82.

(75)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Europe Fund, is incorporated herein by reference to Exhibit (d)(74) of Post-Effective Amendment
No. 82.

(76)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Europe Fund, is incorporated herein by reference
to Exhibit (d)(75) of Post-Effective Amendment No. 82.

(77)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Europe Fund, is incorporated herein by reference to Exhibit (d)(91) of Post-Effective Amendment No. 105.

(78)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Europe Capital Appreciation Fund, is incorporated herein by reference
to Exhibit (d)(78) of Post-Effective Amendment No. 82.

(79)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Europe Capital Appreciation Fund, is incorporated herein by reference to Exhibit (d)(79) of Post-Effective Amendment No. 82.

(80)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Europe Capital Appreciation Fund, is incorporated herein by reference to Exhibit (d)(80) of Post-Effective Amendment No. 82.

(81)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Europe Capital Appreciation Fund, is incorporated herein by reference to Exhibit (d)(97) of Post-Effective Amendment No. 105.

(82)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Japan Fund, is incorporated herein by reference to Exhibit (d)(83) of
Post-Effective Amendment No. 82.

(83)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Japan Fund, is incorporated herein by reference to Exhibit (d)(84) of Post-Effective Amendment
No. 82.

(84)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Japan Fund, is incorporated herein by reference to Exhibit (d)(85) of Post-Effective Amendment No. 82.

(85)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Japan Fund, is incorporated herein by reference
to Exhibit (d)(86) of Post-Effective Amendment No. 82.

(86)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Japan Fund, is incorporated herein by reference to Exhibit (d)(104) of Post-Effective Amendment No. 105.

(87)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Japan Fund, is incorporated herein by reference to Exhibit
(d)(105) of Post-Effective Amendment No. 105.

(88)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Japan Smaller Companies Fund, is incorporated herein by reference to
Exhibit (d)(89) of Post-Effective Amendment No. 82.

(89)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Japan Smaller Companies Fund, is incorporated herein by reference to Exhibit (d)(90) of Post-Effective Amendment No. 82.

(90)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Japan Smaller Companies Fund, is incorporated herein by reference to Exhibit
(d)(91) of Post-Effective Amendment No. 82.

(91)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Japan Smaller Companies Fund, is incorporated
herein by reference to Exhibit (d)(92) of Post-Effective Amendment No. 82.

(92)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Japan Smaller Companies Fund, is incorporated herein by reference to Exhibit
(d)(112) of Post-Effective Amendment No. 105.

(93)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Japan Smaller Companies Fund, is incorporated herein by reference to Exhibit (d)(113) of Post-Effective Amendment No. 105.

(94)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Latin America Fund, is incorporated herein by reference to Exhibit
(d)(95) of Post-Effective Amendment No. 82.

(95)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Latin America Fund, is incorporated herein by reference to Exhibit (d)(96) of Post-Effective
Amendment No. 82.

(96)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Latin America Fund, is incorporated herein by
reference to Exhibit (d)(97) of Post-Effective Amendment No. 82.

(97)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Latin America Fund, is incorporated herein by reference to Exhibit (d)(119) of
Post-Effective Amendment No. 105.

(98)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Nordic Fund, is incorporated herein by reference to Exhibit (d)(100) of
Post-Effective Amendment No. 82.

(99)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Nordic Fund, is incorporated herein by reference to Exhibit (d)(101) of Post-Effective Amendment No. 82.

(100)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Nordic Fund, is incorporated herein by reference
to Exhibit (d)(102) of Post-Effective Amendment No. 82.

(101)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Nordic Fund, is incorporated herein by reference to Exhibit (d)(125) of Post-Effective Amendment No. 105.

(102)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Pacific Basin Fund, is incorporated herein by reference to Exhibit
(d)(105) of Post-Effective Amendment No. 82.

(103)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Pacific Basin Fund, is incorporated herein by reference to Exhibit (d)(106) of Post-Effective
Amendment No. 82.

(104)Sub-Advisory Agreement, dated April 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Pacific Basin Fund, is incorporated herein by reference to Exhibit (d)(107) of Post-Effective Amendment No. 82.

(105)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Pacific Basin Fund, is incorporated herein by reference to Exhibit (d)(108) of Post-Effective Amendment No. 82.

(106)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Pacific Basin Fund, is incorporated herein by reference to Exhibit (d)(132) of
Post-Effective Amendment No. 105.

(107)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Pacific Basin Fund, is incorporated herein by reference to Exhibit (d)(133) of Post-Effective Amendment No. 105.

(108)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Southeast Asia Fund, is incorporated herein by reference to Exhibit
(d)(111) of Post-Effective Amendment No. 82.

(109)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Southeast Asia Fund, is incorporated herein by reference to Exhibit (d)(112) of Post-Effective
Amendment No. 82.

(110)Sub-Advisory Agreement, dated March 1, 2001, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Southeast Asia Fund, is incorporated herein by reference to Exhibit (d)(113) of
Post-Effective Amendment No. 82.

(111)Sub-Advisory Agreement, dated January 1, 2001, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Southeast Asia Fund, is incorporated herein by
reference to Exhibit (d)(114) of Post-Effective Amendment No. 82.

(112)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity Southeast Asia Fund, is incorporated herein by reference to Exhibit (d)(140) of
Post-Effective Amendment No. 105.

(113)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Southeast Asia Fund, is incorporated herein by reference to Exhibit (d)(141) of Post-Effective Amendment No. 105.

(114)Sub-Advisory Agreement, dated July 18, 2002, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity International Small Cap Fund, is incorporated herein by reference to
Exhibit (d)(120) of Post-Effective Amendment No. 85.

(115)Sub-Advisory Agreement, dated July 18, 2002, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
International Small Cap Fund, is incorporated herein by reference to Exhibit (d)(121) of Post-Effective Amendment No. 85.

(116)Sub-Advisory Agreement, dated July 18, 2002, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity International Small Cap Fund, is incorporated herein by reference to Exhibit
(d)(122) of Post-Effective Amendment No. 85.

(117)Sub-Advisory Agreement, dated July 18, 2002, between FMR Co., Inc. and Fidelity Management
& Research Company on behalf of Fidelity International Small Cap Fund, is incorporated herein
by reference to Exhibit (d)(123) of Post-Effective Amendment No. 84.

(118)Amendment to Sub-Advisory Agreement, dated August 7, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity International Small Cap Fund, is incorporated herein by reference to Exhibit
(d)(148) of Post-Effective Amendment No. 105.

(119)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity International Small Cap Fund, is incorporated herein by reference to Exhibit (d)(149) of Post-Effective Amendment No. 105.

(120)Sub-Advisory Agreement, dated July 21, 2005, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity International Small Cap Opportunities Fund, is incorporated herein by
reference to Exhibit (d)(126) of Post-Effective Amendment No. 93.

(121)Sub-Advisory Agreement, dated June 1, 2007, between Fidelity International Investment Advisors
(currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf
of Fidelity International Small Cap Opportunities Fund, is incorporated herein by reference to Exhibit (d)(122) of Post-Effective Amendment No. 99.

(122)Sub-Advisory Agreement, dated July 21, 2005, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
International Small Cap Opportunities Fund, is incorporated herein by reference to Exhibit
(d)(127) of Post-Effective Amendment No. 93.

(123)Sub-Advisory Agreement, dated July 21, 2005, between FMR Co., Inc. and Fidelity Management
& Research Company on behalf of Fidelity International Small Cap Opportunities Fund, is incorporated herein by reference to Exhibit (d)(128) of Post-Effective Amendment No. 93.

(124)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity International Small Cap Opportunities Fund, is incorporated
herein by reference to Exhibit (d)(156) of Post-Effective Amendment No. 105.

(125)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity International Small Cap Opportunities Fund, is incorporated herein by reference
to Exhibit (d)(157) of Post-Effective Amendment No. 105.

(126)Sub-Advisory Agreement, dated April 20, 2006, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity International Value Fund, is incorporated herein by reference to Exhibit
(d)(132) of Post-Effective Amendment No. 97.

(127)Sub-Advisory Agreement, dated April 20, 2006, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
International Value Fund, is incorporated herein by reference to Exhibit (d)(133) of Post-Effective
Amendment No. 97.

(128)Sub-Advisory Agreement, dated May 21, 2007, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity International Value Fund, is incorporated herein by reference to Exhibit (d)(129)
of Post-Effective Amendment No. 99.

(129)Sub-Advisory Agreement, dated April 20, 2006, between FMR Co., Inc. and Fidelity Management
& Research Company on behalf of Fidelity International Value Fund, is incorporated herein by
reference to Exhibit (d)(135) of Post-Effective Amendment No. 96.

(130)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on
behalf of Fidelity International Value Fund, is incorporated herein by reference to Exhibit (d)(164)
of Post-Effective Amendment No. 105.

(131)Amendment to Sub-Advisory Agreement, dated August 1, 2007, between Fidelity International
Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity International Value Fund, is incorporated herein by reference to
Exhibit (d)(165) of Post-Effective Amendment No. 105.

(132)Sub-Advisory Agreement, dated October 18, 2007, between Fidelity Management & Research
Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity International Growth Fund, is filed herein as Exhibit (d)(132).

(133)Sub-Advisory Agreement, dated October 18, 2007, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity International Growth Fund, is filed herein as Exhibit (d)(133).

(134)Sub-Advisory Agreement, dated October 18, 2007, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on
behalf of Fidelity International Growth Fund, is incorporated herein by reference to Exhibit
(d)(133) of Post-Effective Amendment No. 106.

(135)Sub-Advisory Agreement, dated October 18, 2007, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity International Growth Fund, is filed herein as Exhibit (d)(135).

(136)Sub-Advisory Agreement, dated October 18, 2007, between Fidelity Management & Research
Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Total International Equity Fund, is filed herein as Exhibit (d)(136).

(137)Sub-Advisory Agreement, dated October 18, 2007, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity Total International Equity Fund, is filed herein as Exhibit (d)(137).

(138)Sub-Advisory Agreement, dated October 18, 2007, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on
behalf of Fidelity Total International Equity Fund, is incorporated herein by reference to Exhibit
(d)(137) of Post-Effective Amendment No. 106.

(139)Sub-Advisory Agreement, dated October 18, 2007, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Total International Equity Fund, is filed herein as
Exhibit (d)(139).

(140-158)	Amended and Restated Sub-Advisory Agreements, dated August 1, 2007, between Fidelity
International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity
Management & Research Company, on behalf of Fidelity Aggressive International Fund (currently
Fidelity International Capital Appreciation Fund), Fidelity Diversified International Fund, Fidelity
China Region Fund, Fidelity Emerging Markets Fund, Fidelity International Discovery Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity
International Value Fund, Fidelity Japan Fund, Fidelity Japan Small Companies Fund, Fidelity
Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Worldwide
Fund, Fidelity Canada Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund,
Fidelity Nordic Fund, and Fidelity Latin America Fund, are incorporated herein by reference to
Exhibits (d)(144)-(d)(162) of Post-Effective Amendment No. 104.

(159)	Sub-Advisory Agreement, dated April 17, 2008, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, is incorporated
herein by reference to Exhibit (d)(203) of Post-Effective Amendment No. 105.

(160)	Sub-Advisory Agreement, dated April 17, 2008, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors
(U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity
Emerging Europe, Middle East, Africa (EMEA) Fund, is incorporated herein by reference to Exhibit (d)(204) of Post-Effective Amendment No. 105.

(161)	Sub-Advisory Agreement, dated April 17, 2008, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, is incorporated herein by
reference to Exhibit (d)(160) of Post-Effective Amendment No. 106.

(162)	Sub-Advisory Agreement, dated April 17, 2008 between FMR Co., Inc. and Fidelity Management
& Research Company on behalf of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund,
is incorporated herein by reference to Exhibit (d)(206) of Post-Effective Amendment No. 105.

(163)	Sub-Advisory Agreement, dated September 17, 2008, between Fidelity Management & Research
Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Series Emerging Markets Fund is incorporated herein by reference to
Exhibit (d)(160) of Post-Effective Amendment No. 111.

(164)	Sub-Advisory Agreement, dated September 17, 2008, between Fidelity International Investment
Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity Series Emerging Markets Fund is filed herein by reference to Exhibit (d)(164).

(165)	Sub-Advisory Agreement, dated September 17, 2008, between Fidelity International Investment
Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited
on behalf of Fidelity Series Emerging Markets Fund is incorporated herein by reference to Exhibit
(d)(162) of Post-Effective Amendment No. 111.

(166)	Sub-Advisory Agreement, dated September 17, 2008, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Series Emerging Markets Fund is incorporated herein by reference to Exhibit (d)(165) of Post-Effective Amendment No. 109.

(167)	Sub-Advisory Agreement, dated November 19, 2008, between Fidelity Management & Research
Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Global Commodity Stock Fund is filed herein as Exhibit (d)(167).

(168)	Form of Sub-Advisory Agreement between Fidelity International Investment Advisors (currently
known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity Global Commodity Stock Fund, is incorporated herein by reference to Exhibit (d)(168) of Post-Effective
Amendment No. 106.

(169)	Form of Sub-Advisory Agreement between Fidelity International Investment Advisors (currently
known as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity
Global Commodity Stock Fund, is incorporated herein by reference to Exhibit (d)(169) of Post-Effective Amendment No. 106.

(170)	Sub-Advisory Agreement, dated November 19, 2008, between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Global Commodity Stock Fund, is filed herein as Exhibit (d)(170).

(171)	Sub-Advisory Agreements between FMR Co., Inc. and Fidelity Management & Research Company on behalf of Fidelity Series International Growth Fund, Fidelity Series International Value
Fund, and Fidelity Series International Small Cap Fund is to be filed by subsequent amendment.

(172)	Sub-Advisory Agreements between Fidelity Management & Research Company and Fidelity Management & Research (Hong Kong) Limited, on behalf of Fidelity Investment Trust on behalf of
Fidelity Series International Growth Fund, Fidelity Series International Value Fund, and Fidelity
Series International Small Cap Fund is to be filed by subsequent amendment.

(173)	Sub-Advisory Agreements between Fidelity Management & Research Company and Fidelity Management & Research (Japan) Inc., on behalf of Fidelity Investment Trust on behalf of Fidelity Series International Growth Fund, Fidelity Series International Value Fund, and Fidelity Series International Small Cap Fund is to be filed by subsequent amendment.

(174)	Sub-Advisory Agreements between Fidelity Management & Research Company and Fidelity Management & Research (U.K.) Inc., on behalf of Fidelity Investment Trust on behalf of Fidelity Series International Growth Fund, Fidelity Series International Value Fund, and Fidelity Series International Small Cap Fund is to be filed by subsequent amendment.

(175)	Sub-Advisory Agreements between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors) on behalf of Fidelity Series International Growth Fund, Fidelity Series International Value Fund, and Fidelity Series
International Small Cap Fund is to be filed by subsequent amendment.

(176)	Sub-Advisory Agreements between Fidelity International Investment Advisors (currently known
as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.) Ltd.) on behalf of Fidelity Series International
Growth Fund, Fidelity Series International Value Fund, and Fidelity Series International Small
Cap Fund will be filed by subsequent amendment.

(177)	Sub-Advisory Agreements between Fidelity International Investment Advisors (currently known
as FIL Investment Advisors) and Fidelity Investments Japan Limited on behalf of Fidelity Series
International Growth Fund, Fidelity Series International Value Fund, and Fidelity Series International Small Cap Fund will be filed by subsequent amendment.

(178)	Sub-Advisory Agreement, dated September 9, 2008, between Fidelity Management & Research
Company and Fidelity Management & Research (Hong Kong) Limited, on behalf of Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity
Emerging Markets Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Europe Fund, Fidelity Global Commodity Stock Fund, Fidelity International Discovery Fund, Fidelity International
Growth Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity
Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and
Fidelity Worldwide Fund is incorporated herein by reference to Exhibit (d)(48) of Fidelity Advisor Series I's (File No. 002-84776) Post-Effective Amendment No. 82.

(179)	Schedule A, dated November 18, 2008, to the Sub-Advisory Agreement, dated September 9, 2008,
between Fidelity Management & Research Company and Fidelity Management & Research (Hong
Kong) Limited, on behalf of Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), Fidelity Canada Fund,
Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Europe,
Middle East, Africa (EMEA) Fund, Fidelity Emerging Markets Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Europe Fund, Fidelity Global Commodity Stock Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity International Small Cap Fund,
Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity
Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund is incorporated herein by reference to Exhibit (d)(5) of Fidelity Select Portfolio's (File No. 002-69972) Post-Effective
Amendment No. 89.

(180)	Sub-Advisory Agreement, dated September 29, 2008, between Fidelity Management & Research
Company and Fidelity Management & Research (Japan) Inc., on behalf of Fidelity Investment
Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital
Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity Emerging
Markets Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Europe Fund, Fidelity Global
Commodity Stock Fund, Fidelity International Discovery Fund, Fidelity International Growth
Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund,
Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund,
Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin
Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund is incorporated herein by reference to Exhibit (d)(50) of Fidelity Advisor Series I's
(File No. 002-84776) Post-Effective Amendment No. 82.

(181)	Schedule A, dated November 18, 2008, to the Sub-Advisory Agreement, dated September 29,
2008, between Fidelity Management & Research Company and Fidelity Management & Research
(Japan) Inc., on behalf of Fidelity Investment Trust on behalf of Fidelity Aggressive International
Fund (currently Fidelity International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity
China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Europe, Middle
East, Africa (EMEA) Fund, Fidelity Emerging Markets Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Europe Fund, Fidelity Global Commodity Stock Fund, Fidelity International
Discovery Fund, Fidelity International Growth Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic
Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity
Total International Equity Fund, and Fidelity Worldwide Fund is incorporated herein by reference
to Exhibit (d)(7) of Fidelity Select Portfolio's (File No. 002-69972) Post-Effective Amendment
No. 89.

(182)Sub-Advisory Agreement, dated July 17, 2008, between Fidelity Management & Research Company and Fidelity Management & Research (U.K.) Inc., on behalf of Fidelity Investment Trust on
behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International
Fund, Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity Emerging Markets
Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Europe Fund, Fidelity Global Commodity Stock Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund,
Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin
Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund is incorporated herein by reference to Exhibit (d)(27) of Fidelity Hastings Street Trust's
(File No. 002-11517) Post-Effective Amendment No. 121.

(183)Schedule A, dated September 17, 2008, to the Sub-Advisory Agreement, dated July 17, 2008, between Fidelity Management & Research Company and Fidelity Management & Research (U.K.)
Inc., on behalf of Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund
(currently Fidelity International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China
Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Europe, Middle East,
Africa (EMEA) Fund, Fidelity Emerging Markets Fund, Fidelity Europe Capital Appreciation
Fund, Fidelity Europe Fund, Fidelity Global Commodity Stock Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity International Small Cap Fund, Fidelity
International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan
Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic
Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity
Total International Equity Fund, and Fidelity Worldwide Fund is incorporated herein by reference
to Exhibit (d)(9) of Fidelity Select Portfolio's (File No. 002-69972) Post-Effective Amendment
No. 89.

(184)	Amended and Restated Master International Research Agreement, dated August 1, 2007, between
Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors), on behalf of Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund),
Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity International
Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America
Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund is incorporated herein by reference to Exhibit (d)(44) of Fidelity Fixed Income Trust's (File No. 002-41839)
Post-Effective Amendment No. 113.

(185)	Schedule A, dated August 1, 2007, to the Amended and Restated Master International Research
Agreement, dated August 1, 2007, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors), on behalf of
Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity
International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity International Discovery Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International
Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America
Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund and Fidelity Worldwide Fund is incorporated herein by reference to Exhibit (d)(54)
of Fidelity Fixed Income Trust's (File No. 002-41839) Post-Effective Amendment No. 113.

(186)	Form of Schedule A to the Amended and Restated Master International Research Agreement,
dated August 1, 2007, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors), on behalf of Fidelity
Investment Trust on behalf of Fidelity International Growth Fund and Fidelity Total International
Equity Fund is incorporated herein by reference to Exhibit (d)(150) of Post-Effective Amendment
No. 99.

(187)	Form of Schedule A to the Amended and Restated Master International Research Agreement,
dated August 1, 2007, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors), on behalf of Fidelity
Investment Trust on behalf of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund is
incorporated herein by reference to Exhibit (d)(211) of Post-Effective Amendment No. 102.

(188)	Form of Schedule A to the Amended and Restated Master International Research Agreement,
dated August 1, 2007, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors), on behalf of Fidelity
Investment Trust on behalf of Fidelity Series Emerging Markets Fund is incorporated herein by
reference to Exhibit (d)(176) of Post-Effective Amendment No. 107.

(189)	Form of Schedule A to the Amended and Restated Master International Research Agreement,
dated August 1, 2007, between Fidelity Management & Research Company and Fidelity International Investment Advisors (currently known as FIL Investment Advisors), on behalf of Fidelity
Investment Trust on behalf of Fidelity Global Commodity Stock Fund is incorporated herein by
reference to Exhibit (d)(177) of Post-Effective Amendment No. 106.

(190)	Form of Schedule A to the Amended and Restated Master International Research Agreement between Fidelity Management & Research Company and Fidelity International Investment Advisors
(currently known as FIL Investment Advisors), on behalf of Fidelity Investment Trust on behalf of
Fidelity Series International Growth Fund, Fidelity Series International Value Fund, and Fidelity
Series International Small Cap Fund is to be filed by subsequent amendment.

(191)	Amended and Restated Sub-Research Agreement, dated August 1, 2007, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.)
Ltd.), on behalf of Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund
(currently Fidelity International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China
Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Markets Fund, Fidelity
Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity International Discovery Fund,
Fidelity International Growth Fund, Fidelity International Small Cap Fund, Fidelity International
Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity
Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity
Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund is incorporated herein by reference to Exhibit
(d)(48) of Fidelity Fixed Income Trust's (File No. 002-41839) Post-Effective Amendment No.
113.

(192)	Schedule A, dated August 1, 2007, to the Amended and Restated Sub-Research Agreement, dated
August 1, 2007, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently
known as FIL Investment Advisors (U.K.) Ltd.), on behalf of Fidelity Investment Trust on behalf
of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation
Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund,
Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation
Fund, Fidelity International Discovery Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund,
Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund and Fidelity
Worldwide Fund is incorporated herein by reference to Exhibit (d)(59) of Fidelity Fixed Income
Trust's (File No. 002-41839) Post-Effective Amendment No. 113.

(193)	Form of Schedule A to the Amended and Restated Sub-Research Agreement, dated August 1,
2007, between Fidelity International Investment Advisors (currently known as FIL Investment
Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL
Investment Advisors (U.K.) Ltd.), on behalf of Fidelity Investment Trust on behalf of Fidelity International Growth Fund and Fidelity Total International Equity Fund is incorporated herein by
reference to Exhibit (d)(154) of Post-Effective Amendment No. 99.

(194)	Form of Schedule A to the Amended and Restated Sub-Research Agreement, dated August 1,
2007, between Fidelity International Investment Advisors (currently known as FIL Investment
Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL
Investment Advisors (U.K.) Ltd.), on behalf of Fidelity Investment Trust on behalf of Fidelity
Emerging Europe, Middle East, Africa (EMEA) Fund is incorporated herein by reference to Exhibit (d)(216) of Post-Effective Amendment No. 102.

(195)	Form of Schedule A to the Amended and Restated Sub-Research Agreement, dated August 1,
2007, between Fidelity International Investment Advisors (currently known as FIL Investment
Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL
Investment Advisors (U.K.) Ltd.), on behalf of Fidelity Investment Trust on behalf of Fidelity Series Emerging Markets Fund is incorporated herein by reference to Exhibit (d)(183) of Post-Effective Amendment No. 107.

(196)	Form of Schedule A to the Amended and Restated Sub-Research Agreement, dated August 1,
2007, between Fidelity International Investment Advisors (currently known as FIL Investment
Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL
Investment Advisors (U.K.) Ltd.), on behalf of Fidelity Investment Trust on behalf of Fidelity
Global Commodity Stock Fund is incorporated herein by reference to Exhibit (d)(184) of Post-Effective Amendment No. 106.

(197)	Form of Schedule A to the Amended and Restated Sub-Research Agreement between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity International Investment Advisors (U.K.) Limited (currently known as FIL Investment Advisors (U.K.)
Ltd.), on behalf of Fidelity Investment Trust on behalf of Fidelity Series International Growth
Fund, Fidelity Series International Value Fund, and Fidelity Series International Small Cap Fund
is to be filed subsequent amendment.

(198)	Amended and Restated Sub-Research Agreement, dated August 1, 2007, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited, on behalf of Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), Fidelity Canada
Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging
Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity International Small Cap Fund,
Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity
Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund is incorporated herein by reference to Exhibit (d)(52) of Fidelity Fixed Income Trust's (File No. 002-41839) Post-Effective
Amendment No. 113.

(199)	Schedule A, dated August 1, 2007, to the Amended and Restated Sub-Research Agreement, dated
August 1, 2007, between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited, on behalf of Fidelity Investment Trust
on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity International Discovery Fund, Fidelity International Small Cap Fund,
Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity
Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund and
Fidelity Worldwide Fund is incorporated herein by reference to Exhibit (d)(53) of Fidelity Fixed
Income Trust's (File No. 002-41839) Post-Effective Amendment No. 113.

(200)	Form of Schedule A to the Amended and Restated Sub-Research Agreement, dated August 1,
2007, between Fidelity International Investment Advisors (currently known as FIL Investment
Advisors) and Fidelity Investments Japan Limited, on behalf of Fidelity Investment Trust on behalf of Fidelity International Growth Fund and Fidelity Total International Equity Fund is incorporated herein by reference to Exhibit (d)(158) of Post-Effective Amendment No. 99.

(201)	Form of Schedule A to the Amended and Restated Sub-Research Agreement, dated August 1,
2007, between Fidelity International Investment Advisors (currently known as FIL Investment
Advisors) and Fidelity Investments Japan Limited, on behalf of Fidelity Investment Trust on behalf of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund is incorporated herein by
reference to Exhibit (d)(221) of Post-Effective Amendment No. 102.

(202)	Form of Schedule A to the Amended and Restated Sub-Research Agreement, dated August 1,
2007, between Fidelity International Investment Advisors (currently known as FIL Investment
Advisors) and Fidelity Investments Japan Limited, on behalf of Fidelity Investment Trust on behalf of Fidelity Series Emerging Markets Fund is incorporated herein by reference to Exhibit
(d)(190) of Post-Effective Amendment No. 107.

(203)	Form of Schedule A to the Amended and Restated Sub-Research Agreement, dated August 1,
2007, between Fidelity International Investment Advisors (currently known as FIL Investment
Advisors) and Fidelity Investments Japan Limited, on behalf of Fidelity Investment Trust on behalf of Fidelity Global Commodity Stock Fund is incorporated herein by reference to Exhibit
(d)(192) of Post-Effective Amendment No. 106.

(204)	Form of Schedule A to the Amended and Restated Sub-Research Agreement between Fidelity International Investment Advisors (currently known as FIL Investment Advisors) and Fidelity Investments Japan Limited, on behalf of Fidelity Investment Trust on behalf of Fidelity Series International Growth Fund, Fidelity Series International Value Fund, and Fidelity Series International
Small Cap Fund is to be filed by subsequent amendment.

(205)	General Research Services Agreement and Schedule B, each dated January 20, 2006, among Fidelity Management & Research Company, FMR Co., Inc., Fidelity Investments Money Management Inc., and Fidelity Research & Analysis Company, on behalf Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital
Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity Emerging
Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Global
Commodity Stock Fund, Fidelity International Discovery Fund, Fidelity International Growth
Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund,
Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund,
Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin
Fund, Fidelity Series Emerging Markets Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund is incorporated herein by reference to Exhibit
(d)(38) of Variable Insurance Products Fund's (File No. 002-75010) Post-Effective Amendment
No. 62.

(206)	Schedule A, dated November 18, 2008, to the General Research Services Agreement, dated January 20, 2006, among Fidelity Management & Research Company, FMR Co., Inc., Fidelity Investments Money Management Inc., and Fidelity Research & Analysis Company, on behalf of the
Registrant is incorporated herein by reference to Exhibit (d)(17) of Fidelity Select Portfolios' (File
No. 002-69972) Post-Effective Amendment No. 89.

(207)	Form of Schedule A to the General Research Services Agreement among Fidelity Management &
Research Company, FMR Co., Inc., Fidelity Investments Money Management Inc., and Fidelity
Research & Analysis Company, on behalf of Fidelity Investment Trust on behalf of Fidelity Series
International Growth Fund, Fidelity Series International Value Fund, and Fidelity Series International Small Cap Fund is to be filed by subsequent amendment.

(208)	Form of Schedule A to the Sub-Advisory Agreement, date July 17, 2008, between Fidelity Management & Research Company and Fidelity Management & Research (U.K.) Inc., on behalf of
Fidelity Investment Trust on behalf of Fidelity Series Emerging Markets Fund is incorporated by
reference to Exhibit (d)(199) of Post-Effective Amendment No. 107.

(e)	(1)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity
Aggressive International Fund (currently Fidelity International Capital Appreciation Fund) and
Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit (e)(1) of Post-Effective Amendment No. 97.

(2)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity
Canada Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit
(e)(2) of Post-Effective Amendment No. 97.

(3)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity
China Region Fund and Fidelity Distributors Corporation, is incorporated herein by reference to
Exhibit (e)(3) of Post-Effective Amendment No. 97.

(4)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity Diversified International Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit (e)(4) of Post-Effective Amendment No. 97.

(5)	General Distribution Agreement, dated April 17, 2008, between Fidelity Emerging Europe,
Middle East, Africa (EMEA) Fund and Fidelity Distributors Corporation, is incorporated herein
by reference to Exhibit (e)(5) of Post-Effective Amendment No. 105.

(6)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity
Emerging Markets Fund and Fidelity Distributors Corporation, is incorporated herein by reference
to Exhibit (e)(5) of Post-Effective Amendment No. 97.

(7)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity Europe Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit
(e)(6) of Post-Effective Amendment No. 97.

(8)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity Europe Capital Appreciation Fund and Fidelity Distributors Corporation, is incorporated herein by
reference to Exhibit (e)(7) of Post-Effective Amendment No. 97.

(9)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity International Discovery Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit (e)(9) of Post-Effective Amendment No. 97.

(10)General Distribution Agreement, dated October 18, 2007, between Fidelity International Growth
Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit (e)(9) of
Post-Effective Amendment No. 101.

(11)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity International Small Cap Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit (e)(10) of Post-Effective Amendment No. 97.

(12)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity International Small Cap Opportunities Fund and Fidelity Distributors Corporation, is incorporated
herein by reference to Exhibit (e)(11) of Post-Effective Amendment No. 97.

(13)	General Distribution Agreement, dated April 20, 2006, between Fidelity International Value Fund
and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit (e)(12) of
Post-Effective Amendment No. 97.

(14)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity Japan Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit
(e)(13) of Post-Effective Amendment No. 97.

(15)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity Japan Smaller Companies Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit (e)(14) of Post-Effective Amendment No. 97.

(16)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity Latin America Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit (e)(15) of Post-Effective Amendment No. 97.

(17)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity
Nordic Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit
(e)(16) of Post-Effective Amendment No. 97.

(18)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity
Overseas Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit (e)(17) of Post-Effective Amendment No. 97.

(19)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity Pacific Basin Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit (e)(18) of Post-Effective Amendment No. 97.

(20)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity
Southeast Asia Fund and Fidelity Distributors Corporation, is incorporated herein by reference to
Exhibit (e)(19) of Post-Effective Amendment No. 97.

(21)General Distribution Agreement, dated October 18, 2007, between Fidelity Total International Equity Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit
(e)(20) of Post-Effective Amendment No. 101.

(22)Amended and Restated General Distribution Agreement, dated May 1, 2006, between Fidelity
Worldwide Fund and Fidelity Distributors Corporation, is incorporated herein by reference to Exhibit (e)(20) of Post-Effective Amendment No. 97.

(23)General Distribution Agreement, dated September 17, 2008, between Fidelity Series Emerging
Markets Fund and Fidelity Distributors Corporation is incorporated herein by reference to Exhibit
(e)(23) of Post-Effective Amendment No. 109.

(24)General Distribution Agreement, dated November 19, 2008, between Fidelity Global Commodity
Stock Fund and Fidelity Distributors Corporation is filed herein as Exhibit (e)(24).

(25)General Distribution Agreements between Fidelity Series International Growth Fund, Fidelity Series International Value Fund, and Fidelity Series International Small Cap Fund and Fidelity Distributors Corporation is to be filed by subsequent amendment.

(26)	Form of Selling Dealer Agreement (most recently revised April 2006) is incorporated herein by
reference to Exhibit (e)(21) of Post-Effective Amendment No. 96.

(27)	Form of Bank Agency Agreement (most recently revised April 2006) is incorporated herein by
reference to Exhibit (e)(22) of Post-Effective Amendment No. 96.

(28)	Form of Selling Dealer Agreement for Bank-Related Transactions (most recently revised April
2006) is incorporated herein by reference to Exhibit (e)(23) of Post-Effective Amendment No. 96.

(f)	The Fee Deferral Plan for Independent Trustees and Trustees of the Fidelity Funds, effective as of
September 15, 1995 and amended through August 1, 2008 is incorporated herein by reference to
Exhibit (f) of Fidelity Hastings Street Trust (File No. 811-00215) Post-Effective Amendment No.
121.

(g)(1)	Custodian Agreement and Appendix C, D, and E, dated January 1, 2007, between Brown Brothers
Harriman & Company and Fidelity Investment Trust on behalf of Fidelity China Region Fund, Fidelity Latin America Fund, and Fidelity Nordic Fund are incorporated herein by reference to Exhibit (g)(1) of Fidelity Advisor Series I's (File No. 002-84776) Post-Effective Amendment No. 72.

(2)	Appendix A, dated February 2, 2009, to the Custodian Agreement, dated January 1, 2007, between
Brown Brothers Harriman & Company and Fidelity Investment Trust on behalf of Fidelity China
Region Fund, Fidelity Latin America Fund, and Fidelity Nordic Fund is incorporated herein by
reference to Exhibit (g)(2) of Fidelity Securities Fund's (File No. 002-93601) Post-Effective
Amendment No. 84.

(3)	Appendix B, dated April 13, 2009, to the Custodian Agreement, dated January 1, 2007, between
Brown Brothers Harriman & Company and Fidelity Investment Trust on behalf of Fidelity China
Region Fund, Fidelity Latin America Fund, and Fidelity Nordic Fund is incorporated herein by
reference to Exhibit (g)(3) of Fidelity Commonwealth Trust's (File No. 002-52322) Post-Effective
Amendment No. 106.

(4)	Custodian Agreement and Appendix C, D, and E, dated January 1, 2007, between JPMorgan
Chase Bank, N.A. and Fidelity Investment Trust on behalf of Fidelity Diversified International
Fund, Fidelity Emerging Markets Fund, Fidelity Japan Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, and Fidelity Worldwide Fund are incorporated herein by reference to Exhibit
(g)(2) of Fidelity Advisor Series I's (File No. 002-84776) Post-Effective Amendment No. 72.

(5)	Appendix A, dated June 17, 2009, to the Custodian Agreement, dated January 1, 2007, between
JPMorgan Chase Bank, N.A. and Fidelity Investment Trust on behalf of Fidelity Diversified International Fund, Fidelity Emerging Markets Fund, Fidelity Japan Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, and Fidelity Worldwide Fund is incorporated herein by reference to Exhibit (g)(2) of Fidelity Hereford Street Trust's (File No. 033-52577) Post-Effective Amendment
No. 23.

(6)	Appendix B, dated April 9, 2009, to the Custodian Agreement, dated January 1, 2007, between
JPMorgan Chase Bank, N.A. and Fidelity Investment Trust on behalf of Fidelity Diversified International Fund, Fidelity Emerging Markets Fund, Fidelity Japan Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, and Fidelity Worldwide Fund is incorporated herein by reference to Exhibit (g)(3) of Fidelity Hereford Street Trust's (File No. 033-52577) Post-Effective Amendment
No. 23.

(7)	Custodian Agreement and Appendix C, D, and E, dated January 1, 2007, between Mellon Bank,
N.A. and Fidelity Investment Trust on behalf of Fidelity Canada Fund, Fidelity Europe Fund, and
Fidelity International Small Cap Fund are incorporated herein by reference to Exhibit (g)(3) of
Fidelity Advisor Series I's (File No. 002-84776) Post-Effective Amendment No. 72.

(8)	Appendix A, dated April 8, 2009, to the Custodian Agreement, dated January 1, 2007, between
Mellon Bank, N.A. and Fidelity Investment Trust on behalf of Fidelity Canada Fund, Fidelity Europe Fund, and Fidelity International Small Cap Fund is incorporated herein by reference to Exhibit (g)(13) of Fidelity Securities Fund's (File No. 002-93601) Post-Effective Amendment No.
84.

(9)	Appendix B, dated April 9, 2009, to the Custodian Agreement, dated January 1, 2007, between
Mellon Bank, N.A. and Fidelity Investment Trust on behalf of Fidelity Canada Fund, Fidelity Europe Fund, and Fidelity International Small Cap Fund is incorporated herein by reference to Exhibit (g)(3) of Fidelity Summer Street Trust's (File No. 002-58542) Post-Effective Amendment
No. 78.

(10)	Custodian Agreement and Appendix C, D, and E, dated January 1, 2007, between The Northern
Trust Company and Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund
(currently Fidelity International Capital Appreciation Fund), Fidelity Europe Capital Appreciation
Fund, Fidelity International Discovery Fund, Fidelity International Small Cap Opportunities Fund,
Fidelity International Value Fund, Fidelity Japan Smaller Companies Fund, and Fidelity Southeast
Asia Fund are incorporated herein by reference to Exhibit (g)(9) of Fidelity Financial Trust's (File
No. 002-79910) Post-Effective Amendment No. 45.

(11)	Appendix A, dated October 2, 2008, to the Custodian Agreement, dated January 1, 2007, between
The Northern Trust Company and Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), Fidelity Europe
Capital Appreciation Fund, Fidelity International Discovery Fund, Fidelity International Small
Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Smaller Companies
Fund, and Fidelity Southeast Asia Fund is incorporated herein by reference to Exhibit (g)(7) of
Fidelity Summer Street Trust's (File No. 002-58542) Post-Effective Amendment No. 74.

(12)	Appendix B, dated April 13, 2009, to the Custodian Agreement, dated January 1, 2007, between
The Northern Trust Company and Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), Fidelity Europe
Capital Appreciation Fund, Fidelity International Discovery Fund, Fidelity International Small
Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Smaller Companies
Fund, and Fidelity Southeast Asia Fund is incorporated herein by reference to Exhibit (g)(12) of
Fidelity Commonwealth Trust's (File No. 002-52322) Post-Effective Amendment No. 106.

(13)	Form of Custodian Agreement and Appendix A, B, C, D, and E, between The Northern Trust
Company and Fidelity Investment Trust on behalf of Fidelity Series Emerging Markets Fund is
incorporated herein by reference to Exhibit (g)(13) of Post-Effective Amendment No. 107.

(14)	Custodian Agreement and Appendix C, D, and E, dated January 1, 2007, between State Street
Bank and Trust Company and Fidelity Investment Trust on behalf of Fidelity Emerging Europe,
Middle East, Africa (EMEA) Fund, International Growth Fund, and Fidelity Total International
Equity Fund are incorporated herein by reference to Exhibit (g)(4) of Fidelity Advisor Series I's
(File No. 002-84776) Post-Effective Amendment No. 72.

(15)	Appendix A, dated March 24, 2009 to the Custodian Agreement, dated January 1, 2007, between
State Street Bank and Trust Company and Fidelity Investment Trust on behalf of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity Global Commodity Stock Fund, Fidelity
International Growth Fund, and Fidelity Total International Equity Fund is filed herein as Exhibit
(g)(15).

(16)	Appendix B, dated April 13, 2009, to the Custodian Agreement, dated January 1, 2007, between
State Street Bank and Trust Company and Fidelity Investment Trust on behalf of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity International Growth Fund, and Fidelity
Total International Equity Fund is incorporated herein by reference to Exhibit (g)(15) of Fidelity
Commonwealth Trust's (File No. 002-52322) Post-Effective Amendment No. 106.

(17)	Fidelity Group Repo Custodian Agreement among The Bank of New York, J. P. Morgan Securities, Inc., and Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Markets Fund, Fidelity
Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity International Discovery Fund,
Fidelity International Growth Fund, Fidelity International Small Cap Fund, Fidelity International
Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity
Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity
Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund and Fidelity Worldwide Fund, dated February 12, 1996, is incorporated herein
by reference to Exhibit 8(d) of Fidelity Institutional Cash Portfolios' (currently known as Fidelity
Colchester Street Trust) (File No. 002-74808) Post-Effective Amendment No. 31.

(18)	Schedule 1 to the Fidelity Group Repo Custodian Agreement between The Bank of New York and
Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity
International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap
Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund,
Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity
Fund and Fidelity Worldwide Fund, dated February 12, 1996, is incorporated herein by reference
to Exhibit 8(e) of Fidelity Institutional Cash Portfolios' (currently known as Fidelity Colchester
Street Trust) (File No. 002-74808) Post-Effective Amendment No. 31.

(19)	Fidelity Group Repo Custodian Agreement among Chemical Bank, Greenwich Capital Markets,
Inc., and Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently
International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap
Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund,
Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity
Fund, and Fidelity Worldwide Fund, dated November 13, 1995, is incorporated herein by reference to Exhibit 8(f) of Fidelity Institutional Cash Portfolios' (currently known as Fidelity Colchester Street Trust) (File No. 002-74808) Post-Effective Amendment No. 31.

(20)	Schedule 1 to the Fidelity Group Repo Custodian Agreement between Chemical Bank and Fidelity
Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity
Diversified International Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity
Europe Capital Appreciation Fund, Fidelity International Discovery Fund, Fidelity International
Growth Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity
Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and
Fidelity Worldwide Fund, dated November 13, 1995, is incorporated herein by reference to Exhibit 8(g) of Fidelity Institutional Cash Portfolios' (currently known as Fidelity Colchester Street
Trust) (File No. 002-74808) Post-Effective Amendment No. 31.

(21)	Joint Trading Account Custody Agreement between The Bank of New York and Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International
Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Europe
Capital Appreciation Fund, Fidelity International Discovery Fund, Fidelity International Growth
Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund,
Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund,
Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin
Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund, dated May 11, 1995, is incorporated herein by reference to Exhibit 8(h) of Fidelity
Institutional Cash Portfolios' (currently known as Fidelity Colchester Street Trust) (File No.
002-74808) Post-Effective Amendment No. 31.

(22)	First Amendment to Joint Trading Account Custody Agreement between The Bank of New York
and Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund,
Fidelity Diversified International Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund,
Fidelity Europe Capital Appreciation Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap
Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund,
Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity
Fund, and Fidelity Worldwide Fund, dated July 14, 1995, is incorporated herein by reference to
Exhibit 8(i) of Fidelity Institutional Cash Portfolios' (currently known as Fidelity Colchester
Street Trust) (File No. 002-74808) Post-Effective Amendment No. 31.

(23)	Schedule A-1, Part I and Part IV dated December 2008, to the Fidelity Group Repo Custodian
Agreements, Schedule 1s to the Fidelity Group Repo Custodian Agreements, Joint Trading Account Custody Agreement, and First Amendment to the Joint Trading Account Custody Agreement, between the respective parties and Fidelity Investment Trust on behalf of Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), Fidelity
Canada Fund, Fidelity China Region Fund, Fidelity Diversified International Fund, Fidelity
Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity Emerging Markets Fund, Fidelity
Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity International Discovery Fund,
Fidelity International Growth Fund, Fidelity International Small Cap Fund, Fidelity International
Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity
Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity
Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund, is incorporated herein by reference to Exhibit
(g)(10) of Fidelity Trend Fund's (File No. 002-15063) Post-Effective Amendment No. 122.

(h)	Not applicable.

(i)		Not applicable.

(j)		To be filed by subsequent amendment.

(k)	Not applicable.

(l)	Not applicable.

(m)	(1)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Value Fund (currently Fidelity International Capital Appreciation Fund) is incorporated herein by reference to Exhibit (m)(3) of Post-Effective Amendment No. 79.

(2)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Diversified International Fund is
incorporated herein by reference to Exhibit (m)(2) of Post-Effective Amendment No. 79.

(3)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Diversified International Fund:
Class K is incorporated herein by refence to Exhibit (m)(3) of Post-Effective Amendment No.
104.

(4)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Growth & Income
Fund (currently Fidelity International Discovery Fund) is incorporated herein by reference to Exhibit (m)(4) of Post-Effective Amendment No. 79.

(5)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Overseas Fund is incorporated
herein by reference to Exhibit (m)(5) of Post-Effective Amendment No. 79.

(6)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Worldwide Fund is incorporated
herein by reference to Exhibit (m)(6) of Post-Effective Amendment No. 79.

(7)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Canada Fund is incorporated
herein by reference to Exhibit (m)(7) of Post-Effective Amendment No. 82.

(8)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Emerging Markets Fund is incorporated herein by reference to Exhibit (m)(9) of Post-Effective Amendment No. 82.

(9)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Emerging Markets Fund: Class
K is incorporated herein by reference to Exhibit (m)(9) of Post-Effective Amendment No. 104.

(10)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Europe Fund is incorporated
herein by reference to Exhibit (m)(10) of Post-Effective Amendment No. 82.

(11)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Europe Capital Appreciation
Fund is incorporated herein by reference to Exhibit (m)(11) of Post-Effective Amendment No. 82.

(12)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Japan Fund is incorporated herein by reference to Exhibit (m)(12) of Post-Effective Amendment No. 82.

(13)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Japan Smaller Companies Fund
is incorporated herein by reference to Exhibit (m)(13) of Post-Effective Amendment No. 82.

(14)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Latin America Fund is incorporated herein by reference to Exhibit (m)(14) of Post-Effective Amendment No. 82.

(15)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Nordic Fund is incorporated
herein by reference to Exhibit (m)(15) of Post-Effective Amendment No. 82.

(16)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Pacific Basin Fund is incorporated herein by reference to Exhibit (m)(16) of Post-Effective Amendment No. 82.

(17)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Southeast Asia Fund is incorporated herein by reference to Exhibit (m)(17) of Post-Effective Amendment No. 82.

(18)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Small Cap Fund is
incorporated herein by reference to Exhibit (m)(18) of Post-Effective Amendment No. 84.

(19)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Small Cap Fund:
Fidelity Advisor International Small Cap Fund Class A is incorporated by reference to Exhibit
(m)(19) of Post-Effective Amendment No. 89.

(20)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Small Cap Fund:
Fidelity Advisor International Small Cap Fund Class T is incorporated by reference to Exhibit
(m)(20) of Post-Effective Amendment No. 89.

(21)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Small Cap Fund:
Fidelity Advisor International Small Cap Fund Class B is incorporated herein by reference to Exhibit (m)(21) of Post-Effective Amendment No. 87.

(22)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Small Cap Fund:
Fidelity Advisor International Small Cap Fund Class C is incorporated herein by reference to Exhibit (m)(22) of Post-Effective Amendment No. 87.

(23)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Small Cap Fund:
Fidelity Advisor International Small Cap Fund Institutional Class is incorporated herein by reference to Exhibit (m)(23) of Post-Effective Amendment No. 87.

(24)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Discovery Fund:
Fidelity Advisor International Discovery Fund Class A is incorporated herein by reference to Exhibit (m)(24) of Post-Effective Amendment No. 90.

(25)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Discovery Fund:
Fidelity Advisor International Discovery Fund Class T is incorporated herein by reference to Exhibit (m)(25) of Post-Effective Amendment No. 90.

(26)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Discovery Fund:
Fidelity Advisor International Discovery Fund Class B is incorporated herein by reference to Exhibit (m)(26) of Post-Effective Amendment No. 90.

(27)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Discovery Fund:
Fidelity Advisor International Discovery Fund Class C is incorporated herein by reference to Exhibit (m)(27) of Post-Effective Amendment No. 90.

(28)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Discovery Fund:
Fidelity Advisor International Discovery Fund Institutional Class is incorporated herein by reference to Exhibit (m)(28) of Post-Effective Amendment No. 90.

(29)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Discovery Fund:
Class K is incorporated herein by reference to Exhibit (m)(29) of Post-Effective Amendment No.
104.

(30)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Small Cap Opportunities Fund: Fidelity Advisor International Small Cap Opportunities Fund Class A is incorporated herein by reference to Exhibit (m)(29) Post-Effective Amendment No. 93.

(31)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Small Cap Opportunities Fund: Fidelity Advisor International Small Cap Opportunities Fund Class T is incorporated herein by reference to Exhibit (m)(30) Post-Effective Amendment No. 93.

(32)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Small Cap Opportunities Fund: Fidelity Advisor International Small Cap Opportunities Fund Class B is incorporated herein by reference to Exhibit (m)(31) Post-Effective Amendment No. 93.

(33)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Small Cap Opportunities Fund: Fidelity Advisor International Small Cap Opportunities Fund Class C is incorporated herein by reference to Exhibit (m)(32) Post-Effective Amendment No. 93.

(34)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Small Cap Opportunities Fund: Fidelity Advisor International Small Cap Opportunities Fund Institutional Class is
incorporated herein by reference to Exhibit (m)(33) Post-Effective Amendment No. 93.

(35)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Small Cap Opportunities Fund is incorporated herein by reference to Exhibit (m)(34) Post-Effective Amendment
No. 93.

(36)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Value Fund:
Fidelity Advisor International Value Fund Class A is incorporated herein by reference to Exhibit
(m)(35) Post-Effective Amendment No. 94.

(37)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Value Fund:
Fidelity Advisor International Value Fund Class T is incorporated herein by reference to Exhibit
(m)(36) Post-Effective Amendment No. 94.

(38)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Value Fund:
Fidelity Advisor International Value Fund Class B is incorporated herein by reference to Exhibit
(m)(37) Post-Effective Amendment No. 94.

(39)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Value Fund:
Fidelity Advisor International Value Fund Class C is incorporated herein by reference to Exhibit
(m)(38) Post-Effective Amendment No. 94.

(40)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Value Fund:
Fidelity Advisor International Value Fund Institutional Class is incorporated herein by reference to
Exhibit (m)(39) Post-Effective Amendment No. 94.

(41)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Value Fund is incorporated herein by reference to Exhibit (m)(40) Post-Effective Amendment No. 94.

(42)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Canada Fund: Fidelity Advisor
Canada Fund Class A is incorporated herein by reference to Exhibit (m)(41) of Post-Effective
Amendment No. 98.

(43)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Canada Fund: Fidelity Advisor
Canada Fund Class T is incorporated herein by reference to Exhibit (m)(42) of Post-Effective
Amendment No. 98.

(44)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Canada Fund: Fidelity Advisor
Canada Fund Class B is incorporated herein by reference to Exhibit (m)(43) of Post-Effective
Amendment No. 98.

(45)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Canada Fund: Fidelity Advisor
Canada Fund Class C is incorporated herein by reference to Exhibit (m)(44) of Post-Effective
Amendment No. 98.

(46)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Canada Fund: Fidelity Advisor
Canada Fund Institutional Class is incorporated herein by reference to Exhibit (m)(45) of Post-Effective Amendment No. 98.

(47)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Growth Fund is
incorporated herein by reference to Exhibit (m)(45) of Post-Effective Amendment No. 100.

(48)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Growth Fund:
Fidelity Advisor International Growth Fund Class A is incorporated herein by reference to Exhibit
(m)(46) of Post-Effective Amendment No. 100.

(49)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Growth Fund:
Fidelity Advisor International Growth Fund Class T is incorporated herein by reference to Exhibit
(m)(47) of Post-Effective Amendment No. 100.

(50)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Growth Fund:
Fidelity Advisor International Growth Fund Class B is incorporated herein by reference to Exhibit
(m)(48) of Post-Effective Amendment No. 100.

(51)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Growth Fund:
Fidelity Advisor International Growth Fund Class C is incorporated herein by reference to Exhibit
(m)(49) of Post-Effective Amendment No. 100.

(52)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity International Growth Fund:
Fidelity Advisor International Growth Fund Institutional Class is incorporated herein by reference
to Exhibit (m)(50) of Post-Effective Amendment No. 100.

(53)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Total International Equity Fund
is incorporated herein by reference to Exhibit (m)(51) of Post-Effective Amendment No. 100.

(54)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Total International Equity Fund:
Fidelity Advisor Total International Equity Fund Class A is incorporated herein by reference to
Exhibit (m)(52) of Post-Effective Amendment No. 100.

(55)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Total International Equity Fund:
Fidelity Advisor Total International Equity Fund Class T is incorporated herein by reference to
Exhibit (m)(53) of Post-Effective Amendment No. 100.

(56)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Total International Equity Fund:
Fidelity Advisor Total International Equity Fund Class B is incorporated herein by reference to
Exhibit (m)(54) of Post-Effective Amendment No. 100.

(57)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Total International Equity Fund:
Fidelity Advisor Total International Equity Fund Class C is incorporated herein by reference to
Exhibit (m)(55) of Post-Effective Amendment No. 100.

(58)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Total International Equity Fund:
Fidelity Advisor Total International Equity Fund Institutional Class is incorporated herein by reference to Exhibit (m)(56) of Post-Effective Amendment No. 100.

(59)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Emerging Europe, Middle East,
Africa (EMEA) Fund is incorporated herein by reference to Exhibit (m)(59) of Post-Effective
Amendment No. 104.

(60)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Emerging Europe, Middle East,
Africa (EMEA) Fund: Fidelity Advisor Emerging Europe, Middle East, Africa (EMEA) Fund
Class A is incorporated herein by reference to Exhibit (m)(60) of Post-Effective Amendment No.
104.

(61)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Emerging Europe, Middle East,
Africa (EMEA) Fund: Fidelity Advisor Emerging Europe, Middle East, Africa (EMEA) Fund
Class T is incorporated herein by reference to Exhibit (m)(61) of Post-Effective Amendment No.
104.

(62)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Emerging Europe, Middle East,
Africa (EMEA) Fund: Fidelity Advisor Emerging Europe, Middle East, Africa (EMEA) Fund
Class B is incorporated herein by reference to Exhibit (m)(62) of Post-Effective Amendment No.
104.

(63)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Emerging Europe, Middle East,
Africa (EMEA) Fund: Fidelity Advisor Emerging Europe, Middle East, Africa (EMEA) Fund
Class C is incorporated herein by reference to Exhibit (m)(63) of Post-Effective Amendment No.
104.

(64)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Emerging Europe, Middle East,
Africa (EMEA) Fund: Fidelity Advisor Emerging Europe, Middle East, Africa (EMEA) Fund Institutional Class is incorporated herein by reference to Exhibit (m)(64) of Post-Effective Amendment No. 104.

(65)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity China Region Fund is incorporated herein by reference to Exhibit (m)(65) of Post-Effective Amendment No. 104.

(66)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity China Region Fund: Fidelity Advisor China Region Fund Class A is incorporated here in by reference to Exhibit (m)(66) of Post-Effective Amendment No. 104.

(67)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity China Region Fund: Fidelity Advisor China Region Fund Class T is incorporated herein by reference to Exhibit (m)(67) of Post-Effective Amendment No. 104.

(68)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity China Region Fund: Fidelity Advisor China Region Fund Class B is incorporated herein by reference to Exhibit (m)(68) of Post-Effective Amendment No. 104.

(69)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity China Region Fund: Fidelity Advisor China Region Fund Class C is incorporated herein by reference to Exhibit (m)(69) of Post-Effective Amendment No. 104.

(70)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity China Region Fund: Fidelity Advisor China Region Fund Institutional Class is incorporated herein by reference to Exhibit (m)(70)
of Post-Effective Amendment No. 104.

(71)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Overseas Fund: Class K is incorporated herein by reference to Exhibit (m)(71) of Post-Effective Amendment No. 104.

(72)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Series Emerging Markets Fund
is incorporated herein by reference to Exhibit (m)(72) of Post-Effective Amendment No. 107.

(73)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Global Commodity Stock Fund
is incorporated herein by reference to Exhibit (m)(73) of Post-Effective Amendment No. 109.

(74)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Global Commodity Stock Fund:
Fidelity Advisor Global Commodity Stock Fund Class A is incorporated herein by reference to
Exhibit (m)(74) of Post-Effective Amendment No. 109.

(75)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Global Commodity Stock Fund:
Fidelity Advisor Global Commodity Stock Fund Class T is incorporated herein by reference to
Exhibit (m)(75) of Post-Effective Amendment No. 109.

(76)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Global Commodity Stock Fund:
Fidelity Advisor Global Commodity Stock Fund Class B is incorporated herein by reference to
Exhibit (m)(76) of Post-Effective Amendment No. 109.

(77)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Global Commodity Stock Fund:
Fidelity Advisor Global Commodity Stock Fund Class C is incorporated herein by reference to
Exhibit (m)(77) of Post-Effective Amendment No. 109.

(78)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Global Commodity Stock Fund:
Fidelity Advisor Global Commodity Stock Fund Institutional Class is incorporated herein by reference to Exhibit (m)(78) of Post-Effective Amendment No. 109.

(79)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Worldwide Fund: Fidelity Advisor Worldwide Fund Class A is incorporated herein by reference to Exhibit (m)(79) of Post-Effective Amendment No. 111.

(80)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Worldwide Fund: Fidelity Advisor Worldwide Fund Class T is incorporated herein by reference to Exhibit (m)(80) of Post-Effective Amendment No. 111.

(81)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Worldwide Fund: Fidelity Advisor Worldwide Fund Class B is incorporated herein by reference to Exhibit (m)(81) of Post-Effective Amendment No. 111.

(82)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Worldwide Fund: Fidelity Advisor Worldwide Fund Class C is incorporated herein by reference to Exhibit (m)(82) of Post-Effective Amendment No. 111.

(83)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Worldwide Fund: Fidelity Advisor Worldwide Fund Institutional Class is incorporated herein by reference to Exhibit (m)(83) of
Post-Effective Amendment No. 111.

(84)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Diversified International Fund:
Class F is incorporated herein by reference as Exhibit (m)(84) of Post-Effective Amendment No.
114.

(85)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Europe Fund: Class F is incorporated herein by reference as Exhibit (m)(85) of Post-Effective Amendment No. 114.

(86)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Japan Fund: Class F is incorporated herein by reference as Exhibit (m)(86) of Post-Effective Amendment No. 114.

(87)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Overseas Fund: Class F is incorporated herein by reference as Exhibit (m)(87) of Post-Effective Amendment No. 114.

(88)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Series Emerging Markets Fund:
Class F is incorporated herein by reference as Exhibit (m)(88) of Post-Effective Amendment No.
114.

(89)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Southeast Asia Fund: Class F is
incorporated herein by reference as Exhibit (m)(89) of Post-Effective Amendment No. 114.

(90)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Series International Growth
Fund, Fidelity Series International Value Fund, and Fidelity Series International Small Cap Fund
is to be filed by subsequent amendment.

(91)	Distribution and Service Plan pursuant to Rule 12b-1 for Fidelity Series International Growth
Fund: Class F, Fidelity Series International Value Fund: Class F, and Fidelity Series International
Small Cap Fund: Class F is to be filed by subsequent amendment.

(n)	(1)	Multiple Class of Shares Plan pursuant to Rule 18f-3 for Fidelity Funds with Retail, Retirement
and/or Advisor Classes, dated March 18, 2009, on behalf of Fidelity Investment Trust on behalf of
Fidelity Canada Fund, Fidelity China Region, Fidelity Diversified International Fund, Fidelity
Emerging Markets, Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity Europe Fund, Fidelity Global Commodity Stock Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity International Small Cap Fund, Fidelity International Small
Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Fund, Fidelity Overseas
Fund, Fidelity Series Emerging Markets Fund, Fidelity Southeast Asia Fund, Fidelity Total International Equity Fund,and Fidelity Worldwide Fund is incorporated herein by reference to Exhibit
(n)(1) of Fidelity Fixed-Income Trust's (File No. 811-02105) Post-Effective Amendment No. 123.

(2)	Schedule 1, dated March 18, 2009, to the Multiple Class of Shares Plan pursuant to Rule 18f-3 for
Fidelity Funds with Retail, Retirement and/or Advisor Classes, dated March 19, 2009, on behalf of
Fidelity Investment Trust on behalf of Fidelity Canada Fund, Fidelity China Region, Fidelity
Emerging Markets, Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity Global
Commodity Stock Fund, Fidelity International Discovery Fund, Fidelity International Growth
Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund,
Fidelity International Value Fund, Fidelity Total International Equity Fund, and Fidelity Worldwide Fund is incorporated herein by reference to Exhibit (n)(2) of Fidelity Mt. Vernon Street
Trust's (File No. 811-03583) Post-Effective Amendment No. 55.

(3)	Form of Schedule 1 to the Multiple Class of Shares Plan pursuant to Rule 18f-3 for Fidelity Funds
with Retail, Retirement and/or Advisor Classes, on behalf of Fidelity Investment Trust on behalf
of Fidelity Series International Growth Fund, Fidelity Series International Value Fund, and Fidelity Series International Small Cap Fund is to be filed by subsequent amendment.

(p)	(1)	Code of Ethics, dated February 2009, adopted by each fund and Fidelity Management & Research
Company, Fidelity Investments Money Management, Inc., FMR Co., Inc., Fidelity Management &
Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Research & Analysis Company, and Fidelity Distributors
Corporation pursuant to Rule 17j-1 is incorporated herein by reference to Exhibit (p)(1) of Post-Effective Amendment No. 112.

(2)	Code of Ethics, dated February 2009, adopted by FIL Limited, Fidelity Investments Japan Limited, FIL Investment Advisors, and FIL Investment Advisors (U.K.) Ltd. pursuant to Rule 17j-1 is
incorporated herein by reference to Exhibit (p)(2) of Post-Effective Amendment No. 112.

Item 24.	Trusts Controlled by or under Common Control with this Trust

The Board of Trustees of the Trust is the same as the board of other Fidelity funds,each
of which has Fidelity Management & Research Company, or an affiliate, as its investment adviser. In addition, the officers of the Trust are substantially identical to those of the other Fidelity funds. Nonetheless, the Trust takes the position that it is not under common control with other Fidelity funds because the power residing in the respective boards and officers arises as the
result of an official position with the respective trusts.

Item 25.	Indemnification

Article XI, Section 2 of the Declaration of Trust sets forth the reasonable and fair means for
determining whether indemnification shall be provided to any past or present Trustee or officer. It
states that the Trust shall indemnify any present or past trustee or officer to the fullest extent permitted by law against liability, and all expenses reasonably incurred by him or her in connection
with any claim, action, suit or proceeding in which he or she is involved by virtue of his or her service as a trustee or officer and against any amount incurred in settlement thereof. Indemnification
will not be provided to a person adjudged by a court or other adjudicatory body to be liable to the
Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless
disregard of his or her duties (collectively, "disabling conduct"), or not to have acted in good faith
in the reasonable belief that his or her action was in the best interest of the Trust. In the event of a
settlement, no indemnification may be provided unless there has been a determination, as specified
in the Declaration of Trust, that the officer or trustee did not engage in disabling conduct.

Pursuant to Section 11 of the Distribution Agreement, the Trust agrees to indemnify and
hold harmless the Distributor and each of its directors and officers and each person, if any, who
controls the Distributor within the meaning of Section 15 of the 1933 Act against any loss, liability,
claim, damages or expense (including the reasonable cost of investigating or defending any alleged
loss, liability, claim, damages, or expense and reasonable counsel fees incurred in connection therewith) arising by reason of any person acquiring any shares, based upon the ground that the registration statement, Prospectus, Statement of Additional Information, shareholder reports or other information filed or made public by the Trust (as from time to time amended) included an untrue
statement of a material fact or omitted to state a material fact required to be stated or necessary in
order to make the statements not misleading under the 1933 Act, or any other statute or the common law. However, the Trust does not agree to indemnify the Distributor or hold it harmless to the
extent that the statement or omission was made in reliance upon, and in conformity with, information furnished to the Trust by or on behalf of the Distributor. In no case is the indemnity of the
Trust in favor of the Distributor or any person indemnified to be deemed to protect the Distributor
or any person against any liability to the Issuer or its security holders to which the Distributor or
such person would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and
duties under this Agreement.

Pursuant to the agreement by which Fidelity Investments Institutional Operations Company,
Inc. ("FIIOC") is appointed transfer agent, the Registrant agrees to indemnify and hold FIIOC
harmless against any losses, claims, damages, liabilities or expenses (including reasonable counsel
fees and expenses) resulting from:

(1)	any claim, demand, action or suit brought by any person other than the Registrant,
including by a shareholder, which names FIIOC and/or the Registrant as a party and is not based on
and does not result from FIIOC's willful misfeasance, bad faith or negligence or reckless disregard
of duties, and arises out of or in connection with FIIOC's performance under the Transfer Agency
Agreement; or

(2)	any claim, demand, action or suit (except to the extent contributed to by FIIOC's
willful misfeasance, bad faith or negligence or reckless disregard of duties) which results from the
negligence of the Registrant, or from FIIOC's acting upon any instruction(s) reasonably believed
by it to have been executed or communicated by any person duly authorized by the Registrant, or
as a result of FIIOC's acting in reliance upon advice reasonably believed by FIIOC to have been
given by counsel for the Registrant, or as a result of FIIOC's acting in reliance upon any instrument
or stock certificate reasonably believed by it to have been genuine and signed, countersigned or
executed by the proper person.

Item 26.	Business and Other Connections of Investment Advisers

(1) FIDELITY MANAGEMENT & RESEARCH COMPANY (FMR)

FMR serves as investment adviser to a number of other investment companies. The directors and officers
of the Adviser have held, during the past two fiscal years, the following positions of a substantial nature.

|Edward C. Johnson 3d | Chairman of the Board and Director of Fidelity Management
& Research Company (FMR), FMR Co., Inc. (FMRC),
Fidelity Research & Analysis Company (FRAC), and Fidelity
Investments Money Management, Inc. (FIMM); Chief
Executive Officer, Chairman of the Board, and Director of
FMR LLC; Chairman and Director of FIL Limited. Trustee of
funds advised by FMR. Previously served as President of
FMR LLC (2007).
|-------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Peter S. Lynch       | Vice Chairman and Director of FMR and FMRC and member
of the Advisory Board of funds advised by FMR (2003).                                                                                                                                                                                                                                                                                                     
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Mary Brady           | Assistant Secretary of FMR, FMRC, and Fidelity Distributors
Corporation (FDC) (2008); Secretary of FMR LLC (2009),
Fidelity Management & Research (Japan) Inc. (FMR Japan),
Fidelity Management & Research (U.K.) Inc. (FMR U.K.),
FRAC, FIMM, and Strategic Advisers, Inc. (2008);
Previously served as Assistant Secretary of FRAC, FIMM,
Strategic Advisers, Inc. (2008), and FMR LLC (2009).                
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|James C. Curvey      | Director of FMR and FMRC (2007); Director and Vice
Chairman of FMR LLC (2006); Trustee of funds advised by
FMR.                                                                                                                                                                                                                                                                                                 
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Scott C. Goebel      | Senior Vice President, Secretary and General Counsel of FMR
and FMRC (2008); Assistant Secretary of FIMM, FMR Japan,
FMR U.K., and FRAC (2008); Chief Legal Officer of Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.)
(2008).                                                                                                                                                                    
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Boyce I. Greer       | Executive Vice President of FMR and FMRC (2005);
President and Director of FIMM and Strategic Advisers, Inc.
(2008).                                                                                                                                                                                                                                                                                            
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Joseph A. Hanlon     | Compliance Officer of FMR, FMRC, FMR U.K., FRAC,
FIMM, FMR H.K., FMR Japan, and Strategic Advisers, Inc.
(2009).                                                                                                                                                                                                                                                                                                
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Kenneth A. Rathgeber | Chief Compliance Officer of FMR, FMRC, FMR U.K.,
FRAC, FIMM, Strategic Advisers, Inc. (2005), FMR H.K.
(2008) and FMR Japan (2008).                                                                                                                                                                                                                                                                             
|John J. Remondi      | Director of FMR and FMRC (2007); Director (2006) and
Executive Vice President (2008) of FMR LLC; Previously
served as Chief Financial Officer (2007) and Chief
Administrative Officer (2009) of FMR LLC.                                                                                                                                                                                                        
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Peter D. Stahl       | Assistant Secretary of FMR, FMRC, FMR Japan, FMR U.K.,
FRAC, FIMM, Strategic Advisers Inc., and FDC (2008).                                                                                                                                                                                                                                                                                                     
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|J. Gregory Wass      | Assistant Treasurer of FMR, FMRC, FMR U.K., FRAC,
FIMM, Strategic Advisers, Inc., FDC, FMR LLC (2003) and
FMR Japan (2008); Vice President, Taxation, of FMR LLC.                                                                                                                                                                                                                                               
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|JS Wynant            | Senior Vice President and Treasurer of FMR, FMRC, FRAC
and FIMM (2008); Director and Treasurer of FMR U.K. and
FMR Japan (2008); Treasurer of FMR H.K. (2008).
Previously served as Vice President of FMR and FMRC
(2008).                                                                                                                                                                                      

(2) FMR CO., INC. (FMRC)

FMRC provides investment advisory services to Fidelity Management & Research Company. The directors and officers of the Sub-Adviser have held the following positions of a substantial nature during the past
two fiscal years.

|Edward C. Johnson 3d | Chairman of the Board and Director of Fidelity Management
& Research Company (FMR), FMR Co., Inc. (FMRC),
Fidelity Research & Analysis Company (FRAC), and Fidelity
Investments Money Management, Inc. (FIMM); Chief
Executive Officer, Chairman of the Board, and Director of
FMR LLC; Chairman and Director of FIL Limited. Trustee of
funds advised by FMR. Previously served as President of
FMR LLC (2007).
|-------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Peter S. Lynch       | Vice Chairman and Director of FMR and FMRC and member
of the Advisory Board of funds advised by FMR (2003).                                                                                                                                                                                                                                                                                                     
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Mary Brady           | Assistant Secretary of FMR, FMRC, and FDC (2008);
Secretary of FMR LLC (2009), FMR Japan, FMR U.K.,
FRAC, FIMM, and Strategic Advisers, Inc. (2008);
Previously served as Assistant Secretary of FRAC, FIMM,
Strategic Advisers, Inc. (2008), and FMR LLC (2009).                                                                                                                                               
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|James C. Curvey      | Director of FMR and FMRC (2007); Director and Vice
Chairman of FMR LLC (2006); Trustee of funds advised by
FMR.                                                                                                                                                                                                                                                                                                 
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Scott C. Goebel      | Senior Vice President, Secretary and General Counsel of FMR
and FMRC (2008); Assistant Secretary of FIMM, FMR Japan,
FMR U.K., and FRAC (2008); Chief Legal Officer of FMR
H.K. (2008).                                                                                                                                                                                                                         
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Boyce I. Greer       | Executive Vice President of FMR and FMRC (2005);
President and Director of FIMM and Strategic Advisers, Inc.
(2008).                                                                                                                                                                                                                                                                                            
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Joseph A. Hanlon     | Compliance Officer of FMR, FMRC, FMR U.K., FRAC,
FIMM, FMR H.K., FMR Japan, and Strategic Advisers, Inc.
(2009).                                                                                                                                                                                                                                                                                                
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Kenneth A. Rathgeber | Chief Compliance Officer of FMR, FMRC, FMR U.K.,
FRAC, FIMM, Strategic Advisers, Inc. (2005), FMR H.K.
(2008) and FMR Japan (2008).                                                                                                                                                                                                                                                                             
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|John J. Remondi      | Director of FMR and FMRC (2007); Director (2006) and
Executive Vice President (2008) of FMR LLC; Previously
served as Chief Financial Officer (2007) and Chief
Administrative Officer (2009) of FMR LLC.                                                                                                                                                                                                        
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Peter D. Stahl       | Assistant Secretary of FMR, FMRC, FMR Japan, FMR U.K.,
FRAC, FIMM, Strategic Advisers Inc., and FDC (2008).                                                                                                                                                                                                                                                                                                     
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|J. Gregory Wass      | Assistant Treasurer of FMR, FMRC, FMR U.K., FRAC,
FIMM, Strategic Advisers, Inc., FDC and FMR LLC (2003);
Vice President, Taxation, of FMR LLC.                                                                                                                                                                                                                                                                 
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|JS Wynant            | Senior Vice President and Treasurer of FMR, FMRC, FRAC
and FIMM (2008); Director and Treasurer of FMR U.K. and
FMR Japan (2008); Treasurer of FMR H.K. (2008).
Previously served as Vice President of FMR and FMRC
(2008).                                                                                                                                                                                      

(3)  FIDELITY MANAGEMENT & RESEARCH (HONG KONG) LIMITED (FMR H.K.)

FMR H.K. provides investment advisory services to Fidelity Management & Research Company.  The
directors and officers of the Sub-Adviser have held the following positions of a substantial nature during the
past two fiscal years.

|Eric Wetlaufer                     | President, Chief Executive Officer, Chairman of the Board,
and Director of FMR Japan (2008) and FMR U.K. (2007);
President, Chief Executive Officer, and Chairman of the Board
(2008) and Director (2007) of FMR H.K.; President and
Director of FRAC (2006).
|---------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                   |                                                                                                                                                                                                                                                              
|Mark X. Burns                      | Director, Executive Director, and Head of Office of FMR H.K.
(2008).                                                                                                                                                                                         
|                                   |                                                                                                                                                                                                                                                              
|Scott C. Goebel                    | Senior Vice President, Secretary and General Counsel of FMR
and FMRC (2008); Assistant Secretary of FIMM, FMR Japan,
FMR U.K., and FRAC (2008); Chief Legal Officer of FMR
H.K. (2008).                                                                      
|                                   |                                                                                                                                                                                                                                                              
|Markus Eichacker                   | Managing Director of Research of FMR H.K. (2009).                                                                                                                                                                                                            
|                                   |                                                                                                                                                                                                                                                              
|Joseph A. Hanlon                   | Compliance Officer of FMR, FMRC, FMR U.K., FRAC,
FIMM, FMR H.K., FMR Japan, and Strategic Advisers, Inc.
(2009).                                                                                                                                             
|                                   |                                                                                                                                                                                                                                                              
|Kenneth A. Rathgeber               | Chief Compliance Officer of FMR, FMRC, FMR U.K., FRAC,
FIMM, Strategic Advisers, Inc. (2005), FMR H.K. (2008) and
FMR Japan (2008).                                                                                                                          
|                                   |                                                                                                                                                                                                                                                              
|Matthew C. Torrey                  | Director and Managing Director of Research of FMR Japan
(2008) and FMR U.K. (2007); Director (2007) and Managing
Director of Research of FMR H.K. (2008).                                                                                                    
|                                   |                                                                                                                                                                                                                                                              
|JS Wynant                          | Senior Vice President and Treasurer of FMR, FMRC, FRAC
and FIMM (2008); Director and Treasurer of FMR U.K. and
FMR Japan (2008); Treasurer of FMR H.K. (2008). Previously
served as Vice President of FMR and FMRC (2008).                                   
|                                   |                                                                                                                                                                                                                                                              
|Sharon Yau Wong                    | Director of Investment Services-Asia of FMR H.K. (2008).                                                                                                                                                                                                     
|                                   |                                                                                                                                                                                                                                                              
|Tricor Corporate Secretary Limited | Secretary of FMR H.K. (2007).                                                                                                                                                                                                                                

(4)  FIDELITY MANAGEMENT & RESEARCH (JAPAN) INC. (FMR JAPAN)

FMR Japan provides investment advisory services to Fidelity Management & Research Company.  The
directors and officers of the Sub-Adviser have held the following positions of a substantial nature during the
past two fiscal years.

|Eric Wetlaufer       | President, Chief Executive Officer, Chairman of the Board, and
Director of FMR Japan (2008) and FMR U.K. (2007);
President, Chief Executive Officer, and Chairman of the Board
(2008) and Director (2007) of FMR H.K.; President and
Director of FRAC (2006).    
|-------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                     |                                                                                                                                                                                                                                                                  
|Mary Brady           | Assistant Secretary of FMR, FMRC, and FDC (2008); Secretary
of FMR LLC (2009), FMR Japan, FMR U.K., FRAC, FIMM,
and Strategic Advisers, Inc. (2008); Previously served as
Assistant Secretary of FRAC, FIMM, Strategic Advisers, Inc.
(2008), and FMR LLC (2009).
|                     |                                                                                                                                                                                                                                                                  
|Scott C. Goebel      | Senior Vice President, Secretary and General Counsel of FMR
and FMRC (2008); Assistant Secretary of FIMM, FMR Japan,
FMR U.K., and FRAC (2008); Chief Legal Officer of FMR
H.K. (2008).                                                                          
|                     |                                                                                                                                                                                                                                                                  
|Joseph A. Hanlon     | Compliance Officer of FMR, FMRC, FMR U.K., FRAC,
FIMM, FMR H.K., FMR Japan, and Strategic Advisers, Inc.
(2009).                                                                                                                                                 
|                     |                                                                                                                                                                                                                                                                  
|Kenneth A. Rathgeber | Chief Compliance Officer of FMR, FMRC, FMR U.K., FRAC,
FIMM, Strategic Advisers, Inc. (2005), FMR H.K. (2008) and
FMR Japan (2008).                                                                                                                              
|                     |                                                                                                                                                                                                                                                                  
|Peter D. Stahl       | Assistant Secretary of FMR, FMRC, FMR Japan, FMR U.K.,
FRAC, FIMM, Strategic Advisers Inc., and FDC (2008).                                                                                                                                                      
|                     |                                                                                                                                                                                                                                                                  
|Takeya Suzuki        | Managing Director of Research, Japan of FMR Japan (2009).                                                                                                                                                                                                        
|                     |                                                                                                                                                                                                                                                                  
|Matthew C. Torrey    | Director and Managing Director of Research of FMR Japan
(2008) and FMR U.K. (2007); Managing Director of Research
of FMR H.K. (2008).                                                                                                                            
|                     |                                                                                                                                                                                                                                                                  
|J. Gregory Wass      | Assistant Treasurer of FMR, FMRC, FMR U.K., FRAC, FIMM,
Strategic Advisers, Inc., FDC, FMR LLC (2003) and FMR
Japan (2008); Vice President, Taxation, of FMR LLC.                                                                                                
|                     |                                                                                                                                                                                                                                                                  
|JS Wynant            | Senior Vice President and Treasurer of FMR, FMRC, FRAC
and FIMM (2008); Director and Treasurer of FMR U.K. and
FMR Japan (2008); Treasurer of FMR H.K. (2008). Previously
served as Vice President of FMR and FMRC (2008).                                       

(5)  FIDELITY MANAGEMENT & RESEARCH (U.K.) INC. (FMR U.K.)

FMR U.K. provides investment advisory services to Fidelity Management & Research Company and Fidelity Management Trust Company.  The directors and officers of the Sub-Adviser have held the following
positions of a substantial nature during the past two fiscal years.

|Eric Wetlaufer       | President, Chief Executive Officer, Chairman of the Board, and
Director of FMR Japan (2008) and FMR U.K. (2007);
President, Chief Executive Officer, and Chairman of the Board
(2008) and Director (2007) of FMR H.K.; President and
Director of FRAC (2006).    
|-------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                     |                                                                                                                                                                                                                                                                  
|Mary Brady           | Assistant Secretary of FMR, FMRC, and FDC (2008); Secretary
of FMR LLC (2009), FMR Japan, FMR U.K., FRAC, FIMM,
and Strategic Advisers, Inc. (2008); Previously served as
Assistant Secretary of FRAC, FIMM, Strategic Advisers, Inc.
(2008), and FMR LLC (2009).
|                     |                                                                                                                                                                                                                                                                  
|Lawrence J. Brindisi | Director, Executive Director and Executive Vice President of
FMR U.K. (2007).                                                                                                                                                                                    
|                     |                                                                                                                                                                                                                                                                  
|Robert P. Brown      | Director and Managing Director of Research of FMR U.K.
(2008).                                                                                                                                                                                                   
|                     |                                                                                                                                                                                                                                                                  
|Scott C. Goebel      | Senior Vice President, Secretary and General Counsel of FMR
and FMRC (2008); Assistant Secretary of FIMM, FMR Japan,
FMR U.K., and FRAC (2008); Chief Legal Officer of FMR
H.K. (2008).                                                                          
|                     |                                                                                                                                                                                                                                                                  
|David Hamlin         | Managing Director of Research of FMR U.K. (2008).                                                                                                                                                                                                                
|                     |                                                                                                                                                                                                                                                                  
|Joseph A. Hanlon     | Compliance Officer of FMR, FMRC, FMR U.K., FRAC,
FIMM, FMR H.K., FMR Japan, and Strategic Advisers, Inc.
(2009).                                                                                                                                                 
|                     |                                                                                                                                                                                                                                                                  
|Charles S. Morrison  | Executive Vice President (2009) and Director (2008) of FMR
U.K.; Previously served as and Managing Director of Research
of FMR U.K. (2008).                                                                                                                      
|                     |                                                                                                                                                                                                                                                                  
|Kenneth A. Rathgeber | Chief Compliance Officer of FMR, FMRC, FMR U.K., FRAC,
FIMM, Strategic Advisers, Inc. (2005), FMR H.K. (2008) and
FMR Japan (2008).                                                                                                                              
|                     |                                                                                                                                                                                                                                                                  
|Peter D. Stahl       | Assistant Secretary of FMR, FMRC, FMR Japan, FMR U.K.,
FRAC, FIMM, Strategic Advisers Inc., and FDC (2008).                                                                                                                                                      
|                     |                                                                                                                                                                                                                                                                  
|Matthew C. Torrey    | Director and Managing Director of Research of FMR Japan
(2008) and FMR U.K. (2007); Managing Director of Research
of FMR H.K. (2008).                                                                                                                            
|                     |                                                                                                                                                                                                                                                                  
|J. Gregory Wass      | Assistant Treasurer of FMR, FMRC, FMR U.K., FRAC, FIMM,
Strategic Advisers, Inc., FDC, FMR LLC (2003) and FMR
Japan (2008); Vice President, Taxation, of FMR LLC.                                                                                                
|                     |                                                                                                                                                                                                                                                                  
|JS Wynant            | Senior Vice President and Treasurer of FMR, FMRC, FRAC
and FIMM (2008); Director and Treasurer of FMR U.K. and
FMR Japan (2008); Treasurer of FMR H.K. (2008). Previously
served as Vice President of FMR and FMRC (2008).                                       

(6)  FIDELITY RESEARCH & ANALYSIS COMPANY (FRAC)

FRAC provides investment advisory services to Fidelity Management & Research Company, Fidelity
Management Trust Company, FMR Co., Inc., and Fidelity Investments Money Management, Inc. The directors
and officers of the Sub-Adviser have held the following positions of a substantial nature during the past two
fiscal years.

|Edward C. Johnson 3d | Chairman of the Board and Director of Fidelity Management &
Research Company (FMR), FMR Co., Inc. (FMRC), Fidelity
Research & Analysis Company (FRAC), and Fidelity
Investments Money Management, Inc. (FIMM); Chief Executive
Officer, Chairman of the Board, and Director of FMR LLC;
Chairman and Director of FIL Limited. Trustee of funds advised
by FMR. Previously served as President of FMR LLC (2007).
|-------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Eric Wetlaufer       | President, Chief Executive Officer, Chairman of the Board, and
Director of FMR Japan (2008) and FMR U.K. (2007); President,
Chief Executive Officer, and Chairman of the Board (2008) and
Director (2007) of FMR H.K.; President and Director of FRAC
(2006).                                                                                                                                                   
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Mary Brady           | Assistant Secretary of FMR, FMRC, and FDC (2008); Secretary
of FMR LLC (2009), FMR Japan, FMR U.K., FRAC, FIMM,
and Strategic Advisers, Inc. (2008); Previously served as
Assistant Secretary of FRAC, FIMM, Strategic Advisers, Inc.
(2008), and FMR LLC (2009).                                                                                                                                               
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Scott C. Goebel      | Senior Vice President, Secretary and General Counsel of FMR
and FMRC (2008); Assistant Secretary of FIMM, FMR Japan,
FMR U.K., and FRAC (2008); Chief Legal Officer of FMR H.K.
(2008).                                                                                                                                                                                                                         
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Joseph A. Hanlon     | Compliance Officer of FMR, FMRC, FMR U.K., FRAC, FIMM,
FMR H.K., FMR Japan, and Strategic Advisers, Inc. (2009).                                                                                                                                                                                                                                                                                                
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Kenneth A. Rathgeber | Chief Compliance Officer of FMR, FMRC, FMR U.K., FRAC,
FIMM, Strategic Advisers, Inc. (2005), FMR H.K. (2008) and
FMR Japan (2008).                                                                                                                                                                                                                                                                             
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Peter D. Stahl       | Assistant Secretary of FMR, FMRC, FMR Japan, FMR U.K.,
FRAC, FIMM, Strategic Advisers Inc., and FDC (2008).                                                                                                                                                                                                                                                                                                     
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|J. Gregory Wass      | Assistant Treasurer of FMR, FMRC, FMR U.K., FRAC, FIMM,
Strategic Advisers, Inc., FDC, FMR LLC (2003) and FMR Japan
(2008); Vice President, Taxation, of FMR LLC.                                                                                                                                                                                                                                               
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|JS Wynant            | Senior Vice President and Treasurer of FMR, FMRC, FRAC and
FIMM (2008); Director and Treasurer of FMR U.K. and FMR
Japan (2008); Treasurer of FMR H.K. (2008). Previously served
as Vice President of FMR and FMRC (2008).                                                                                                                                                                                      

(7)  FIDELITY INVESTMENTS MONEY MANAGEMENT, INC. (FIMM)

FIMM provides investment advisory services to Fidelity Management & Research Company.  The directors and officers of the Sub-Adviser have held the following positions of a substantial nature during the past
two fiscal years.

|Edward C. Johnson 3d | Chairman of the Board and Director of Fidelity Management &
Research Company (FMR), FMR Co., Inc. (FMRC), Fidelity
Research & Analysis Company (FRAC), and Fidelity Investments
Money Management, Inc. (FIMM); Chief Executive Officer,
Chairman of the Board, and Director of FMR LLC; Chairman and
Director of FIL Limited. Trustee of funds advised by FMR.
Previously served as President of FMR LLC (2007).
|-------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Mary Brady           | Assistant Secretary of FMR, FMRC, and FDC (2008); Secretary of
FMR LLC (2009), FMR Japan, FMR U.K., FRAC, FIMM, and
Strategic Advisers, Inc. (2008); Previously served as Assistant
Secretary of FRAC, FIMM, Strategic Advisers, Inc. (2008), and
FMR LLC (2009).                                                                                                                                               
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Scott C. Goebel      | Senior Vice President, Secretary and General Counsel of FMR and
FMRC (2008); Assistant Secretary of FIMM, FMR Japan, FMR
U.K., and FRAC (2008); Chief Legal Officer of FMR H.K.
(2008).                                                                                                                                                                                                                         
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Boyce I. Greer       | Executive Vice President of FMR and FMRC (2005); President
and Director of FIMM and Strategic Advisers, Inc. (2008).                                                                                                                                                                                                                                                                                            
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Joseph A. Hanlon     | Compliance Officer of FMR, FMRC, FMR U.K., FRAC, FIMM,
FMR H.K., FMR Japan, and Strategic Advisers, Inc. (2009).                                                                                                                                                                                                                                                                                                
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Kenneth A. Rathgeber | Chief Compliance Officer of FMR, FMRC, FMR U.K., FRAC,
FIMM, Strategic Advisers, Inc. (2005), FMR H.K. (2008) and
FMR Japan (2008).                                                                                                                                                                                                                                                                             
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|Peter D. Stahl       | Assistant Secretary of FMR, FMRC, FMR Japan, FMR U.K.,
FRAC, FIMM, Strategic Advisers Inc., and FDC (2008).                                                                                                                                                                                                                                                                                                     
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|J. Gregory Wass      | Assistant Treasurer of FMR, FMRC, FMR U.K., FRAC, FIMM,
Strategic Advisers, Inc., FDC, FMR LLC (2003) and FMR Japan
(2008); Vice President, Taxation, of FMR LLC.                                                                                                                                                                                                                                               
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                 
|JS Wynant            | Senior Vice President and Treasurer of FMR, FMRC, FRAC and
FIMM (2008); Director and Treasurer of FMR U.K. and FMR
Japan (2008); Treasurer of FMR H.K. (2008). Previously served as
Vice President of FMR and FMRC (2008).                                                                                                                                                                                      

(8)  FIL INVESTMENT ADVISORS  (FIIA)

The directors and officers of FIIA have held, during the past two fiscal years, the following positions of a
substantial nature.

|David J. Saul       | President (2009) and Director of FIIA.                                            
|------------------- | ----------------------------------------------------------------------------------
|                    |                                                                                   
|Lori Blackwood      | Chief Compliance Officer of FIIA (2008).                                          
|                    |                                                                                   
|Brett Goodin        | Director of FIIA.                                                                 
|                    |                                                                                   
|Frank Mutch         | Director of FIIA.                                                                 
|                    |                                                                                   
|Allan Pelvang       | Director and Vice President of FIIA (2006).                                       
|                    |                                                                                   
|Rosalie Powell      | Assistant Secretary of FIIA (2009); Previously served as
Secretary of FIIA (2009).
|                    |                                                                                   
|Robert Stewart      | Director of FIIA (2004).                                                          
|                    |                                                                                   
|Sarah Haycock Tafur | Secretary of FIIA (2009).                                                         
|                    |                                                                                   
|Natalie Trusler     | Assistant Secretary of FIIA (2007).                                               
|                    |                                                                                   
|Andrew Wells        | Director of FIIA (2005).                                                          

(9)  FIL INVESTMENT ADVISORS (U.K.) LTD. (FIIA(U.K.)L)

The directors and officers of FIIA(U.K.)L have held, during the past two fiscal years, the following positions of a substantial nature.

|Andrew Morris           | Director (2008) and Chief Compliance Officer of FIIA(U.K.)L.                                            
|----------------------- | --------------------------------------------------------------------------------------------------------
|                        |                                                                                                         
|Doug Naismith           | Chief Executive Officer, Chairman, and Director of
FIIA(U.K.)L (2008).                                  
|                        |                                                                                                         
|Nicky Richards          | Director of FIIA(U.K.)L (2006).                                                                         
|                        |                                                                                                         
|Andrew Steward          | Director of FIIA(U.K.)L (2008). Previously served as Chief
Administration Officer of FIIA(U.K.)L (2008).
|                        |                                                                                                         
|FIL Administration Ltd. | Secretary of FIIA(U.K.)L.                                                                               

(10)  FIDELITY INVESTMENTS JAPAN LIMITED (FIJ)

The directors and officers of FIJ have held, during the past two fiscal years, the following positions of a
substantial nature.

|Thomas Balk       | Representative Executive Officer and Director of FIJ (2006).
|----------------- | ------------------------------------------------------------
|                  |                                                             
|John Ford         | Director and Executive Officer of FIJ (2006).               
|                  |                                                             
|Ben Giffard       | Director of FIJ (2008)                                      
|                  |                                                             
|Tetsuya Koizumi   | Executive Officer of FIJ (2008).                            
|                  |                                                             
|Jonathan O'Brien  | Director of FIJ (2006).                                     
|                  |                                                             
|Timothy Orchard   | Executive Officer  of FIJ (2009).                           
|                  |                                                             
|Hideki Sato       | Executive Officer of FIJ (2008).                            
|                  |                                                             
|Masaya Shakama    | Executive Officer of FIJ (2008).                            
|                  |                                                             
|Ann Stock         | Director of FIJ (2008).                                     
|                  |                                                             
|Mamiko Wakabayshi | Executive Officer of FIJ (2007).                            

Principal business addresses of the investment adviser, sub-advisers and affiliates.

Fidelity Management & Research Company (FMR)
82 Devonshire Street
Boston, MA 02109

FMR Co., Inc. (FMRC)
82 Devonshire Street
Boston, MA 02109

Fidelity Management & Research (Hong Kong) Limited (FMR H.K.)
Floor 66, 99 Queen's Road Central
Hong Kong, Hong Kong, SAR

Fidelity Management & Research (Japan) (FMR Japan)
82 Devonshire Street
Boston, MA 02109

Fidelity Management & Research (U.K.) Inc. (FMR U.K.)
82 Devonshire Street
Boston, MA 02109

Fidelity Research & Analysis Company (FRAC)
82 Devonshire Street
Boston, MA 02109

Fidelity Investments Money Management, Inc. (FIMM)
82 Devonshire Street
Boston, MA 02109

FIL Investment Advisors (FIIA)
Pembroke Hall
42 Crow Lane
Pembroke, Bermuda HM 19

FIL Investment Advisors (U.K.) Ltd. (FIIA(U.K.)L)
25 Cannon Street
London, England EC4M5TA

Fidelity Investments Japan Limited (FIJ)
Shiroyama Trust Tower
4-3-1, Toranomon, Minato-ku, 
Tokyo, Japan 105-6019

Strategic Advisers, Inc.
82 Devonshire Street
Boston, MA 02109

FMR LLC
82 Devonshire Street
Boston, MA 02109

Fidelity Distributors Corporation (FDC)
82 Devonshire Street
Boston, MA 02109

Item 27.	Principal Underwriters

(a)	Fidelity Distributors Corporation (FDC) acts as distributor for all funds advised by FMR or an affiliate.

|(b)                 |                                                          |                      
|------------------- | -------------------------------------------------------- | ---------------------
|Name and Principal  | Positions and Offices                                    | Positions and Offices
|Business Address*   | with Underwriter                                         | with Fund            
|Thomas G. Coogan    | Director and President (2009)                            | None                 
|Susan Boudrot       | Chief Compliance Officer (2004)                          | None                 
|Jane Greene         | Treasurer and Controller                                 | None                 
|Craig Huntley       | Executive Vice President (2006)                          | None                 
|Rodger A. Lawson    | Director                                                 | None                 
|William F. Loehning | Executive Vice President (2003)                          | None                 
|John McGinty        | Senior Vice President, Secretary
and Chief Legal Officer | None                 
|Mary Brady          | Assistant Secretary (2008)                               | None                 
|Peter D. Stahl      | Assistant Secretary (2008)                               | None                 
|J. Gregory Wass     | Assistant Treasurer                                      | None                 

*  82 Devonshire Street, Boston, MA

(c)	Not applicable.

Item 28.	Location of Accounts and Records

All accounts, books, and other documents required to be maintained by Section 31(a) of the 1940 Act and
the Rules promulgated thereunder are maintained by Fidelity Management & Research Company or Fidelity
Investments Institutional Operations Company, Inc., 82 Devonshire Street, Boston, MA 02109, or the funds'
respective custodians, JPMorgan Chase Bank, 270 Park Avenue, New York, NY; Brown Brothers Harriman &
Co., 40 Water Street, Boston, MA; State Street Bank & Trust Company, 1776 Heritage Drive, Quincy, MA; The
Northern Trust Company, 50 South LaSalle Street, Chicago, IL 60675; and Mellon Bank, One Mellon Center,
500 Grant Street, Pittsburgh, PA. JPMorgan Chase Bank, headquartered in New York, also may serve as a special
purpose custodian of certain assets Fidelity Aggressive International Fund (currently Fidelity International Capital Appreciation Fund), Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Global Commodity Stock Fund, Fidelity International Growth Fund,
Fidelity International Discovery Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap
Opportunities Fund, Fidelity International Value Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin
America Fund, Fidelity Nordic Fund, Fidelity Series Emerging Markets Fund, Fidelity Southeast Asia Fund,
and Fidelity Total International Equity Fund in connection with repurchase agreement transactions. The Bank
of New York, headquartered in New York, also may serve as a special purpose custodian of certain assets in
connection with repurchase agreement transactions.

Item 29.	Management Services

Not applicable.

Item 30.	Undertakings

Not applicable.



SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused
this Post-Effective Amendment No.115 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston, and Commonwealth of Massachusetts, on the 11th day of August 2009.

|                                                                                                         | Fidelity Investment Trust
|-------------------------------------------------------------------------------------------------------- | -------------------------
|                                                                                                         | By                       
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| |                          

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated.

|(Signature)                |   | (Title)                       | (Date)         
|-------------------------- | - | ----------------------------- | ---------------
|                           |   |                               |                
|/s/Kenneth B. Robins       |   | President and Treasurer       | August 11, 2009
|Kenneth B. Robins          |   | (Principal Executive Officer) |                
|                           |   |                               |                
|/s/Christine Reynolds      |   | Chief Financial Officer       | August 11, 2009
|Christine Reynolds         |   | (Principal Financial Officer) |                
|                           |   |                               |                
|/s/Edward C. Johnson 3d    | † | Trustee                       | August 11, 2009
|Edward C. Johnson 3d       |   |                               |                
|                           |   |                               |                
|/s/James C. Curvey         | * | Trustee                       | August 11, 2009
|James C. Curvey            |   |                               |                
|                           |   |                               |                
|/s/Dennis J. Dirks         | * | Trustee                       | August 11, 2009
|Dennis J. Dirks            |   |                               |                
|                           |   |                               |                
|/s/Alan J. Lacy            | * | Trustee                       | August 11, 2009
|Alan J. Lacy               |   |                               |                
|                           |   |                               |                
|/s/Ned C. Lautenbach       | * | Trustee                       | August 11, 2009
|Ned C. Lautenbach          |   |                               |                
|                           |   |                               |                
|/s/Joseph Mauriello        | * | Trustee                       | August 11, 2009
|Joseph Mauriello           |   |                               |                
|                           |   |                               |                
|/s/Cornelia M. Small       | * | Trustee                       | August 11, 2009
|Cornelia M. Small          |   |                               |                
|                           |   |                               |                
|/s/William S. Stavropoulos | * | Trustee                       | August 11, 2009
|William S. Stavropoulos    |   |                               |                
|                           |   |                               |                
|/s/David M. Thomas         | * | Trustee                       | August 11, 2009
|David M. Thomas            |   |                               |                
|                           |   |                               |                
|/s/Michael E. Wiley        | * | Trustee                       | August 11, 2009
|Michael E. Wiley           |   |                               |                

†	Signature affixed by Abigail P. Johnson, pursuant to a power of attorney dated April 1, 2007 and filed herewith.

*	By: /s/Joseph R. Fleming
      Joseph R. Fleming,pursuant to a power of attorney dated August 1, 2008and filed herewith.



POWER OF ATTORNEY

I, the undersigned President and Director or Trustee, as the case may be, of the following investment companies:

|Fidelity Aberdeen Street Trust
Fidelity Advisor Series I
Fidelity Advisor Series II
Fidelity Advisor Series IV
Fidelity Advisor Series VII
Fidelity Advisor Series VIII
Fidelity Beacon Street Trust
Fidelity Boylston Street Trust
Fidelity California Municipal Trust
Fidelity California Municipal Trust II
Fidelity Capital Trust
Fidelity Central Investment Portfolios LLC
Fidelity Charles Street Trust
Fidelity Colchester Street Trust
Fidelity Commonwealth Trust
Fidelity Concord Street Trust
Fidelity Congress Street Fund
Fidelity Contrafund
Fidelity Court Street Trust
Fidelity Court Street Trust II
Fidelity Covington Trust
Fidelity Destiny Portfolios
Fidelity Devonshire Trust
Fidelity Exchange Fund
Fidelity Financial Trust
Fidelity Fixed-Income Trust
Fidelity Garrison Street Trust
Fidelity Hanover Street Trust
Fidelity Hastings Street Trust | Fidelity Hereford Street Trust
Fidelity Income Fund
Fidelity Investment Trust
Fidelity Magellan Fund
Fidelity Massachusetts Municipal Trust
Fidelity Money Market Trust
Fidelity Mt. Vernon Street Trust
Fidelity Municipal Trust
Fidelity Municipal Trust II
Fidelity New York Municipal Trust
Fidelity New York Municipal Trust II
Fidelity Newbury Street Trust
Fidelity Oxford Street Trust
Fidelity Phillips Street Trust
Fidelity Puritan Trust
Fidelity Revere Street Trust
Fidelity School Street Trust
Fidelity Securities Fund
Fidelity Select Portfolios
Fidelity Summer Street Trust
Fidelity Trend Fund
Fidelity Union Street Trust
Fidelity Union Street Trust II
Variable Insurance Products Fund
Variable Insurance Products Fund II
Variable Insurance Products Fund III
Variable Insurance Products Fund IV
Variable Insurance Products Fund V
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

in addition to any other investment company for which Fidelity Management & Research Company or an affiliate acts as investment adviser and for which the undersigned individual serves as President and Director or Trustee, (collectively, the "Funds"), hereby revoke all previous powers of attorney I have given to sign and otherwise act in my name and behalf in matters involving the
Funds and hereby constitute and appoint Abigail P. Johnson my true and lawful attorney-in-fact, with full power of substitution, and
with full power to said attorney-in-fact to sign for me and in my name in the appropriate capacity, all Registration Statements of the
Funds on Form N-1A, Form N-8A, Form N-14, or any successors thereto, any and all subsequent Amendments, Pre-Effective
Amendments, or Post-Effective Amendments to said Registration Statements or any successors thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and on my behalf in connection therewith as
said attorney-in-fact deems necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment
Company Act of 1940, and all related requirements of the Securities and Exchange Commission.  I hereby ratify and confirm all
that said attorney-in-fact or her substitutes may do or cause to be done by virtue hereof.  This power of attorney is effective for all
documents filed on or after April 1, 2007.

WITNESS my hand on the date set forth below.

|/s/Edward C. Johnson 3d | April 1, 2007
|----------------------- | -------------
|Edward C. Johnson 3d    |              



POWER OF ATTORNEY

We, the undersigned Directors or Trustees, as the case may be, of the following investment companies:

|Fidelity Advisor Series I
Fidelity Advisor Series VII
Fidelity Advisor Series VIII
Fidelity Beacon Street Trust
Fidelity Capital Trust
Fidelity Central Investment Portfolios LLC
Fidelity Commonwealth Trust
Fidelity Concord Street Trust
Fidelity Congress Street Fund
Fidelity Contrafund
Fidelity Covington Trust
Fidelity Destiny Portfolios
Fidelity Devonshire Trust
Fidelity Exchange Fund
Fidelity Financial Trust | Fidelity Hanover Street Trust
Fidelity Hastings Street Trust
Fidelity Investment Trust
Fidelity Magellan Fund
Fidelity Mt. Vernon Street Trust
Fidelity Puritan Trust
Fidelity Securities Fund
Fidelity Select Portfolios
Fidelity Summer Street Trust
Fidelity Trend Fund
Variable Insurance Products Fund
Variable Insurance Products Fund II
Variable Insurance Products Fund III
Variable Insurance Products Fund IV
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

in addition to any other investment company for which Fidelity Management & Research Company ("FMR") or an affiliate acts as investment adviser and for which the undersigned individuals serve as Directors or Trustees (collectively, the "Funds"), hereby revoke all
previous powers of attorney we have given to sign and otherwise act in our names and behalf in matters involving any investment company for which FMR or an affiliate acts as investment adviser and hereby constitute and appoint Joseph R. Fleming, John V. O'Hanlon,
Robert W. Helm and Anthony H. Zacharski each of them singly, our true and lawful attorneys-in-fact, with full power of substitution,
and with full power to each of them, to sign for us and in our names in the appropriate capacities, all Registration Statements of the
Funds on Form N-1A, Form N-8A, Form N-14, or any successors thereto, any and all subsequent Amendments, Pre-Effective Amendments, or Post-Effective Amendments to said Registration Statements or any successors thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in our names and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of
1940, and all related requirements of the Securities and Exchange Commission.  We hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.  This power of attorney is effective for all documents filed on or
after August 1, 2008.

WITNESS our hands on this first day of August 2008.

|/s/James C. Curvey   | \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ | /s/Cornelia M. Small      
|-------------------- | -------------------------------------------------------------------------------------------- | --------------------------
|James C. Curvey      |                                                                                              | Cornelia M. Small         
|/s/Dennis J. Dirks   |                                                                                              | /s/William S. Stavropoulos
|Dennis J. Dirks      |                                                                                              | William S. Stavropoulos   
|/s/Alan J. Lacy      |                                                                                              | /s/David M. Thomas        
|Alan J. Lacy         |                                                                                              | David M. Thomas           
|/s/Ned C. Lautenbach |                                                                                              | /s/Michael E. Wiley       
|Ned C. Lautenbach    |                                                                                              | Michael E. Wiley          
|/s/Joseph Mauriello  |                                                                                              |                           
|Joseph Mauriello     |                                                                                              |